Goldman Sachs 2007 Annual Report Download - page 130
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Notes to Consolidated Financial Statements
Restricted Stock Units
The firm issued restricted stock units to employees under
the Amended SIP, primarily in connection with year-end
compensation and acquisitions. Restricted stock units are valued
based on the closing price of the underlying shares at the date of
grant. Year-end restricted stock units generally vest as outlined
in the applicable restricted stock unit agreements and deliver
shortly after the third anniversary of the grant date. All employee
restricted stock unit agreements provide that vesting is accelerated
in certain circumstances, such as upon retirement, death and
extended absence. Of the total restricted stock units outstanding
as of November 2007 and November 2006, (i) 22.0 million
Weighted Average Grant-Date
Restricted Stock Fair Value of Restricted
Units Outstanding Stock Units Outstanding
Future No Future Future No Future
Service Service Service Service
Required Required Required Required
Outstanding, November 2006
(1) 26,380,372 38,918,141 $138.83 $138.22
Granted
(2) (3) (4)
7,968,028 13,870,644 224.40 223.97
Forfeited (816,924) (282,019) 145.30 135.46
Delivered
(5) — (12,447,338) — 103.49
Vested
(4) (11,506,129) 11,506,129 116.95 116.95
Outstanding, November 2007 22,025,347 51,565,557 $180.98 $164.94
(1) Includes restricted stock units granted to employees during the year ended November 2007 as part of compensation for 2006.
(2) Includes restricted stock units granted to employees subsequent to November 2007 as part of compensation for 2007.
(3)
The weighted average grant-date fair value of restricted stock units granted during the years ended November 2007, November 2006 and November 2005 was $224.13,
$196.99 and $129.03, respectively.
(4) The aggregate fair value of awards vested during the years ended November 2007, November 2006 and November 2005 was $5.63 billion, $4.40 billion and $2.05 billion,
respectively.
(5) Includes restricted stock units that were cash settled.
units and 26.4 million units, respectively, required future service
as a condition to the delivery of the underlying shares of common
stock and (ii) 51.6 million units and 38.9 million units,
respectively, did not require future service. In all cases, delivery
of the underlying shares of common stock is conditioned on
the grantees satisfying certain vesting and other requirements
outlined in the award agreements. When delivering the underlying
shares to employees, the firm generally issues new shares of
common stock. The activity related to these restricted stock
units is set forth below:
128 Goldman Sachs 2007 Annual Report