MoneyGram 2009 Annual Report Download - page 119

Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
estimate the grant-date fair value of the options granted during the years ended December 31. No stock options were granted in 2008.
2009 2007
Expected dividend yield 0.0% 0.7%
Expected volatility 72.8%-76.9% 29.1%
Risk-free interest rate 2.3%-3.2% 4.6%
Expected life 5.3-6.5 years 6.5 years
Weighted-average grant-date fair value per option $1.49 $11.47
Following is a summary of stock option activity for 2009:
Weighted-
Weighted- Average Aggregate
Average Remaining Intrinsic
Exercise Contractual Value
Shares Price Term ($000)
Options outstanding at December 31, 2008 2,970,126 $ 20.49
Granted 43,250,000 2.18
Exercised — —
Forfeited/Expired (8,074,712) 3.38
Options outstanding at December 31, 2009 38,145,414 $ 3.35 8.38 years $ 22,307
Vested or expected to vest at December 31, 2009 36,101,090 $ 3.41 8.39 years $ 21,074
Options exercisable at December 31, 2009 3,969,596 $ 12.21 5.64 years $ 1,302
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. All performance-based restricted stock
awards have vested as of December 31, 2009.
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 2009:
Weighted-
Total Average
Shares Price
Restricted stock outstanding at December 31, 2008 91,671 $ 28.25
Vested (56,117) 27.62
Forfeited (25,880) 29.26
Restricted stock outstanding at December 31, 2009 9,674 $ 29.26
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