SkyWest Airlines 2009 Annual Report Download - page 87

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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2009
(9) Capital Transactions (Continued)
$15.24. The following table summarizes the restricted stock activity as of December 31, 2009, 2008 and
2007:
Weighted-Average
Number of Grant-Date
Shares Fair Value
Non-vested shares outstanding at December 31, 2006 . . . 312,751 $23.80
Granted .................................... 311,211 26.84
Vested ..................................... (1,579) 24.07
Cancelled ................................... (87,948) 25.30
Non-vested shares outstanding at December 31, 2007 . . . 534,435 $25.35
Granted .................................... 296,245 25.77
Vested ..................................... (5,848) 24.79
Cancelled ................................... (69,705) 25.60
Non-vested shares outstanding at December 31, 2008 . . . 755,127 $25.50
Granted .................................... 227,451 15.24
Vested ..................................... (260,575) 22.94
Cancelled ................................... (35,417) 24.10
Non-vested shares outstanding at December 31, 2009 . . . 686,586 $23.13
During the year ended December 31, 2009, 2008 and 2007, the Company recorded equity-based
compensation expense of $7.9 million, $11.5 million and $13.1 million, respectively.
As of December 31, 2009, the Company had $6.6 million of total unrecognized compensation cost
related to non-vested stock options and non-vested restricted stock grants. Total unrecognized
compensation cost will be adjusted for future changes in estimated forfeitures. The Company expects to
recognize this cost over a weighted average period of 1.6 years.
Options are exercisable for a period as defined by the Compensation Committee on the date
granted; however, no stock option will be exercisable before six months have elapsed from the date it is
granted and no incentive stock option shall be exercisable after ten years from the date of grant. The
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