Dollar Rent A Car 2011 Annual Report Download - page 78

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In 2009, compensation costs included $1.5 million related to liability-based restricted stock units, based on director elections. The Committee
generally grants restricted stock units to non-employee directors. These grants generally vest at the end of the fiscal year in which the grants were made.
An employee director was granted 50,000 shares in May 2009 with a grant-date fair value of $4.44 per share that vest in installments over three years
with 20% vesting in each of 2010 and 2011 and the remaining 60% vesting in 2012. In 2011, 2010 and 2009, an employee director was issued
30,057, 30,053 and 20,053 restricted stock units that vested during the year, respectively. In 2011, of the 30,057 restricted stock units, 5,616 shares
were used for net settlement to offset taxes, and designated the shares withheld as treasury shares. In 2010, of the 30,053 restricted stock units, 6,991
shares were used for net settlement to offset taxes, and designated the shares withheld as treasury shares. The total intrinsic value of vested and issued
restricted stock units during 2011, 2010 and 2009 was $2.1 million, $1.5 million and $0.5 million, respectively. At December 31, 2011, the total
compensation cost related to nonvested restricted stock unit awards not yet recognized is less than $0.1 million, which is expected to be recognized on a
straight-line basis over the vesting period of the restricted stock units.
The following table presents the status of the Company’s nonvested restricted stock units for, and changes during, the period indicated:
Weighted-Average
Shares Grant-Date
Nonvested Shares (In Thousands) Fair Value
Nonvested at January 1, 2011 64 $ 4.55
Granted 9 48.24
Vested (39) 14.17
Forfeited - -
Nonvested at December 31, 2011 34 $ 5.41
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