Creative 2015 Annual Report Download - page 51

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51
CREATIVE TECHNOLOGY LTD AND ITS SUBSIDIARIES
Number of Fair value Expected Dividend Risk-free Share price
Grant Vesng shares per share volality yield interest rate at grant date
date date (‘000) US$ % % % US$
31.3.2010 31.3.2011 514.5 3.49 56.07 1.99 0.45 3.57
31.3.2010 31.3.2012 514.5 3.40 56.07 1.99 0.62 3.57
31.3.2010 31.3.2013 514.5 3.33 56.07 1.99 0.72 3.57
31.3.2010 31.3.2014 514.5 3.29 56.07 1.99 1.08 3.57
Movements in the number of performance shares are as follows:
Outstanding Outstanding
at Vested and at
Grant 1 July 2014 Granted released Cancelled 30 June 2015
date (‘000) (‘000) (‘000) (‘000) (‘000)
31 March 2010 287 – – (2) 285
Outstanding Outstanding
at Vested and at
Grant 1 July 2013 Granted released Cancelled 30 June 2014
date (‘000) (‘000) (‘000) (‘000) (‘000)
31 March 2010 561 – (99) (175) 287
There were no shares released during the nancial year ended 30 June 2015. The 99,000 shares released during the nancial
year ended 30 June 2014 were satised using treasury shares.
25. OTHER RESERVES
Group Company
2015 2014 2015 2014
US$’000 US$’000 US$’000 US$’000
(a) Composion:
Capital reserves 19,932 19,932 6,951 6,951
Share-based compensaon reserves (Note (b)) 42,630 42,638 28,147 28,155
62,562 62,570 35,098 35,106
Capital reserves arose from changes of interests in the group companies in prior nancial years. Share-based compensation
reserves comprised mainly of compensation expense for share options, tax benets relating to exercise of non qualied share
options by US employees, performance share plans and Chairman’s gift of shares to employees.
On 31 March 2010, 2,793,600 performance shares were granted subject to the terms and conditions of the Plan. Of the
total performance shares granted, 716,950 shares were vested immediately on the date of grant.
There were no awards granted under the Plan during the nancial years ended 30 June 2015 and 2014. However, as at 30
June 2015, the Committee has extended the performance period till 31 December 2015 for 285,000 performance shares
granted on 31 March 2010 that were subject to the achievement of prescribed performance targets.
The fair value of the performance shares is determined at the grant date using the Monte Carlo simulation model which
involves projecting future outcomes based on statistical distributions of key random variables including share price and
volatility of returns.
The fair values and assumption inputs used in the model are as follows: