MoneyGram 2007 Annual Report Download - page 118

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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The weighted-average grant date fair value of an option granted during 2007, 2006 and 2005 was $28.83, $10.38 and $5.95, respectively.
Restricted Stock and Performance-Based Restricted Stock — The Company has granted both restricted stock and performance-based
restricted stock. The vesting of restricted stock is typically three years from the date of grant. The vesting of performance-based restricted
stock is contingent upon the Company obtaining certain financial thresholds established on the grant date. Provided the incentive
performance targets established in the year of grant are achieved, the performance-based restricted stock awards granted beginning in
2006, will vest in a three-year period from the date of grant in an equal number of shares each year. Vesting could accelerate if
performance targets are met at certain achievement levels. Future vesting in all cases is subject generally to continued employment with
MoneyGram. Holders of restricted stock and performance-based restricted stock have the right to receive dividends and vote the shares,
but may not sell, assign, transfer, pledge or otherwise encumber the stock. On the Distribution Date, the Company's former Chairman of
the Board was granted a restricted stock award under the 2004 Omnibus Incentive Plan for 50,000 shares of common stock, of which
25,000 shares vested immediately and 25,000 shares vested on June 30, 2006. On June 30, 2005, the Company's former Chairman of the
Board was granted a restricted stock award under the 2005 Omnibus Incentive Plan for 50,000 shares of common stock, of which
25,000 shares vested immediately and 25,000 shares vested in May 2006.
Restricted stock awards were valued at the quoted market price of the Company's common stock on the date of grant and expensed using
the straight-line method over the vesting or service period of the award. Following is a summary of restricted stock activity:
Weighted
Total Average
Shares Price
Restricted stock outstanding at December 31, 2006 322,998 $ 22.39
Granted 92,430 29.25
Vested and issued (181,074) 19.70
Forfeited — —
Restricted stock outstanding at December 31, 2007 234,354 $ 26.84
Following is a summary of pertinent information related to the Company's stock-based awards:
(Amounts in thousands) 2007 2006 2005
Fair value of options vesting during period $ 2,591 $ 5,680 $ 9,256
Fair value of restricted stock vesting during period 5,337 13,245 9,916
Expense recognized related to options 3,852 2,725 1,492
Expense recognized related to restricted stock 2,247 1,950 2,310
Intrinsic value of options exercised 3,582 15,490 5,075
Cash received from option exercises 6,606 21,899 15,022
Tax benefit realized for tax deductions from option exercises 1,068 2,744 1,776
(Amounts in thousands) Options Restricted Stock
Unrecognized compensation expense $ 5,642 $ 3,279
Remaining weighted average vesting period 1.45 years 1.28 years
F-44