Orbitz 2009 Annual Report Download - page 101

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(a) We issued 233,878 and 142,440 shares of common stock in connection with the vesting of restricted
stock units during the year ended December 31, 2008 and the period from July 18, 2007 to
December 31, 2007, respectively, 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 restricted stock units granted at the time of the IPO upon conversion of unvested equity-based awards
previously held by our employees under the Travelport Plan, as described below, vested 5.555% in August
2007 and vest an additional 8.586% on each subsequent November, February, May and August through
February 2010, and become fully vested in May 2010. All other restricted stock units cliff vest at the end of
either a two-year or three-year period, or vest annually over a three-year or four-year period. The fair value of
restricted stock units on the date of grant is amortized on a straight-line basis over the requisite service period.
The total number of restricted stock units that vested during the year ended December 31, 2008 and the
period from July 18, 2007 to December 31, 2007 and the total fair value thereof was 296,366 restricted stock
units and 181,003 restricted stock units, respectively, and $3 million and $2 million, respectively.
Restricted Stock
The table below summarizes activity regarding unvested restricted stock under the Plan for the year ended
December 31, 2008 and the period 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
Granted ............................................... — —
Vested (a) .............................................. (16,832) $8.45
Forfeited (b) ............................................ (6,586) $8.45
Unvested at December 31, 2008 ............................. 18,661 $8.45
(a) Includes 2,617 and 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 year ended
December 31, 2008 and the period from July 18, 2007 to December 31, 2007, respectively. These
shares are held by us in treasury.
(b) These shares are held by us in treasury.
Shares of restricted stock were granted upon conversion of the Class B partnership interests previously
held by our 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 total number of shares of restricted stock that vested during the year ended December 31, 2008 and
the period from July 18, 2007 to December 31, 2007 and the total fair value thereof was 16,832 shares and
13,130 shares and almost nil and almost nil, respectively.
101
ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)