Qantas 2009 Annual Report Download - page 125
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123 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
24. Share-based Payments continued
Performance Share Plan (PSP)
The following awards were made under the PSP during the year:
2009 2008
Weighted Weighted
Average Average
Number of Fair Value Number of Fair Value
Shares Granted Shares $ Shares $
Performance shares granted – 6 April 2009 147,977 1.82 – –
Performance shares granted – 4 March 2009 75,000 1.52 – –
Performance shares granted – 1 October 2008 2,826 3.22 – –
Performance shares granted – 17 September 2008 3,566 3.49 – –
Performance shares granted – 20 August 2008 7,661,838 3.45 – –
Performance shares granted – 20 August 2007 – – 1,498,448 5.29
Performance shares granted – 15 August 2007 – – 564,000 5.45
Shares are valued based on the volume weighted average price of Qantas shares as traded on the ASX for the seven calendar days up to and including the
date of allocation. Expected dividends are not specifically taken into account when calculating the fair value but are implicit in the weighted average price of
Qantas shares. Shares are purchased on-market or issued and are held subject to a holding lock. For further detail on the operation of the PSP, see page 73.
Retention Plan (RP)
There were no awards made under the RP during the year. In 2007/08, 1,400,000 Rights were granted on 14 November 2007 (fair value: $5.82) and
3,000,000 Rights were granted on 15 August 2007 (fair value: $5.45).
Shares are valued based on the volume weighted average price of Qantas shares as traded on the ASX for the seven calendar days up to and including the
date of allocation. Expected dividends are not specifically taken into account when calculating the fair value but are implicit in the weighted average price of
Qantas shares. Shares are purchased on market or issued and are held subject to a holding lock.
Qantas Profitshare Scheme (QPS)
The following awards were made to eligible employees under the QPS during the year:
Shares Granted
QPS shares granted – 20 August 2008 8,041,136 3.45 – –
QPS shares granted – 20 August 2007 – – 5,370,435 5.29
Shares are valued based on the volume weighted average price of Qantas shares as traded on the ASX for the seven calendar days up to and including
the date of allocation. Expected dividends are not specifically taken into account when calculating the fair value but are implicit in the weighted average
price of Qantas shares. Shares are transferred into the name of the employee and are subject to a three year trading restriction. Under the Terms &
Conditions of the QPS, this trading restriction will be lifted earlier in certain limited circumstances.