Comfort Inn 2011 Annual Report Download - page 90
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Table of Contents
The following table summarizes information about stock options outstanding at December 31, 2011:
$ 0.00 to $19.50 53,824
1.0 years
$10.72
53,824
$10.72
$19.51 to $29.25 377,128
4.1 years
$27.00
187,149
$27.00
$29.26 to $34.12 481,288
4.8 years
$32.59
259,032
$32.45
$34.13 to $39.00 327,764
3.2 years
$35.55
265,363
$35.68
$39.01 to $43.87 251,045
5.3 years
$40.97
105,114
$40.58
$43.88 to $48.75 82,677
4.1 years
$48.73
82,677
$48.73
1,573,726
4.2 years
$33.30
953,159
$33.36
Restricted Stock
The following table is a summary of activity related to restricted stock grants to non-employee directors and key employees for the year ended
December 31:
Restricted shares granted
279,157
262,128
Weighted average grant date fair value per share
$33.07
$ 27.28
Aggregate grant date fair value ($000)
$ 9,233
$7,150
Restricted shares forfeited
41,796
43,408
Vesting service period of shares granted
3-4 years
3-4 years
Grant date fair value of shares vested ($000)
$6,222
$5,572
Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those restricted stock
grants that ultimately vest. The fair value of grants is measured by the market price of the Company’s common stock on the date of grant. Restricted stock
awards generally vest ratably over the service period beginning with the first anniversary of the grant date. Awards granted to retirement eligible non-employee
directors are recognized over the shorter of the requisite service period or the length of time until retirement since the terms of the grant provide that awards will
vest upon retirement.
Performance Vested Restricted Stock Units
The Company has granted performance vested restricted stock units (“PVRSU”) to certain employees. The fair value is measured by the market price of
the Company’s common stock on the date of grant. The vesting of these stock awards is contingent upon the Company achieving performance targets at the
end of specified performance periods and the employees’ continued employment. The performance conditions affect the number of shares that will ultimately
vest. The range of possible stock-based awards vesting is generally between 0% and 200% of the initial target. If a minimum of 50% of the performance target
is not attained then no awards will vest under the terms of the various PVRSU agreements. Compensation expense related to these awards is recognized over the
requisite period based on the Company's estimate of the achievement of the various performance targets. The Company has currently estimated that between
0% and 130% of the various award targets will be achieved. Compensation expense is recognized ratably over the requisite service period only on those
PVRSUs that ultimately vest.
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