IHOP 2009 Annual Report Download - page 142
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
18. Stock-Based Incentive Plans (Continued)
Stock-Based Compensation Expense
From time to time, the Company grants stock options and restricted stock to officers, directors and
employees of the Company under the 2001 Plan and the 2005 Plan. The stock options generally vest
over a three-year period and have a maturity of ten years from the issuance date. Option exercise
prices equal the closing price on the New York Stock Exchange of the Company’s common stock on
the date of grant. Restricted Stock is issued at no cost to the holder and generally vests over terms
determined by the Compensation Committee of the Company’s Board of Directors. Restricted Stock
generally vests only if the employee is actively employed by the Company on the vesting date; unvested
Restricted Stock is forfeited upon termination, retirement before age 65, death or disability, unless the
Compensation Committee of the Company’s Board of Directors determines otherwise. When vested
options are exercised and when Restricted Stock is issued, the Company generally issues new shares
from its authorized but unissued share pool or utilizes treasury stock.
The following table summarizes the Company’s stock-based compensation expense included as a
component of general and administrative expenses in the consolidated financial statements:
Year Ended December 31,
2009 2008 2007
(In millions)
Total stock-based compensation:
Pre-tax compensation expense ...................... $10.7 $12.1 $ 7.0
Tax benefit .................................... (4.2) (4.7) (2.7)
Total stock-based compensation expense, net of tax ........ $ 6.5 $ 7.4 $4.3
As of December 31, 2009, $7.6 million and $6.2 million (including forfeitures) of total
unrecognized compensation cost related to restricted stock and stock options, respectively, is expected
to be recognized over a weighted average period of approximately 1.45 years for restricted stock and
1.99 years for stock options.
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