Thrifty Car Rental 2011 Annual Report Download - page 79

Download and view the complete annual report

Please find page 79 of the 2011 Thrifty Car Rental annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 118

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118

average grant-date fair value of shares granted in 2009, to non-employee and employee
directors, was $2.33. In 2009, compensation costs included $1.5 million related to liability-
based restricted stock units, based on director elections. The Committee generally grants
restricted stock units to non-employee directors. These grants generally vest at the end of the
fiscal year in which the grants were made.
An employee director was granted 50,000 shares in May 2009 with a grant-date fair value of
$4.44 per share that vest in installments over three years with 20% vesting in each of 2010 and
2011 and the remaining 60% vesting in 2012. In 2011, 2010 and 2009, an employee director
was issued 30,057, 30,053 and 20,053 restricted stock units that vested during the year,
respectively. In 2011, of the 30,057 restricted stock units, 5,616 shares were used for net
settlement to offset taxes, and designated the shares withheld as treasury shares. In 2010, of
the 30,053 restricted stock units, 6,991 shares were used for net settlement to offset taxes, and
designated the shares withheld as treasury shares. The total intrinsic value of vested and
issued restricted stock units during 2011, 2010 and 2009 was $2.1 million, $1.5 million and $0.5
million, respectively. At December 31, 2011, the total compensation cost related to nonvested
restricted stock unit awards not yet recognized is less than $0.1 million, which is expected to be
recognized on a straight-line basis over the vesting period of the restricted stock units.
The following table presents the status of the Company’s nonvested restricted stock units for,
and changes during, the period indicated:
Weighted-Average
Shares Grant-Date
Nonvested Shares (In Thousands) Fair Value
Nonvested at January 1, 2011 64 4.55$
Granted 9 48.24
Vested (39) 14.17
Forfeited - -
Nonvested at December 31, 2011 34 5.41$