MoneyGram 2008 Annual Report Download - page 134
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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
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 for 2008:
Weighted
Total Average
Shares Price
Restricted stock outstanding at December 31, 2007 234,354 $ 26.84
Granted — —
Vested and issued (55,233) 21.73
Forfeited (87,450) 28.60
Restricted stock outstanding at December 31, 2008 91,671 $ 28.25
Following is a summary of pertinent information related to the Company's stock-based awards:
(Amounts in thousands) 2008 2007 2006
Fair value of options vesting during period $ — $ 2,591 $ 5,680
Fair value of restricted stock vesting during period 458 5,337 13,245
Expense recognized related to options 3,274 3,852 2,725
Expense recognized related to restricted stock 417 2,247 1,950
Intrinsic value of options exercised — 3,582 15,490
Cash received from option exercises — 6,606 21,899
Tax benefit realized for tax deductions from option exercises — 1,068 2,744
(Amounts in thousands) Options Restricted Stock
Unrecognized compensation expense $ 1,979 $ 424
Remaining weighted average vesting period 0.69 years 1.23 years
Note 15 — Income Taxes
The components of (loss) income from continuing operations before income taxes are as follows for the year ended December 31:
(Amounts in thousands) 2008 2007 2006
United States $ (345,063) $ (993,273) $ 171,681
Foreign 7,872 6 5,092
(Loss) income from continuing operations before income taxes $ (337,191) $ (993,267) $ 176,773
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