Orbitz 2008 Annual Report Download - page 108

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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
12. Equity-Based Compensation (Continued)
The table below summarizes activity regarding unvested restricted stock units under the Plan from July 18, 2007 to December 31, 2007:
Restricted
Stock Units
Weighted Average Grant
Date Fair Value (per share)
Unvested at July 18, 2007 — —
Granted 2,687,836 $ 13.16
Vested(a) (181,003) $ 11.73
Forfeited (210,482) $ 13.08
Unvested at December 31, 2007 2,296,351 $ 13.28
(a)
We issued 142,440 shares of common stock in connection with the vesting of restricted stock units during the period, which is
net of the number of shares retained (but not issued) by us in satisfaction of minimum tax withholding obligations associated
with the vesting.
The total number of restricted stock units that vested during the period from July 18, 2007 to December 31, 2007 and the total fair value thereof was
181,003 restricted stock units and $2 million, respectively.
Restricted Stock
Shares of restricted stock were granted upon conversion of the Class B partnership interests previously held by employees under the Travelport Plan. The
restricted stock vested 5.555% in August 2007 and vests an additional 8.586% on each subsequent November, February, May and August through February
2010, and become fully vested in May 2010. The fair value of restricted stock on the date of grant is amortized on a straight-line basis over the requisite service
period.
The table below summarizes activity regarding unvested restricted stock under the Plan from July 18, 2007 to December 31, 2007:
Restricted
Stock
Weighted Average
Grant Date
Fair Value
(per share)
Unvested at July 18, 2007 — —
Granted 61,795 $ 8.45
Vested(a) (13,130) $ 8.45
Forfeited(b) (6,586) $ 8.45
Unvested at December 31, 2007 42,079 $ 8.45
(a)
Includes 2,266 shares of common stock transferred to us in satisfaction of minimum tax withholding obligations associated with
the vesting of restricted stock during the period. These shares are held by us in treasury.
(b)
These shares are held by us in treasury.
101
Source: Orbitz Worldwide, In, 10-K/A, August 28, 2008