Virgin Media 2008 Annual Report Download - page 133

VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 11—Stock-Based Compensation Plans (Continued)
A summary of the status of our non-vested shares as of December 31, 2008, and of changes during
the year ended December 31, 2008, is given below.
Weighted
Average
Grant-date
Shares Fair value
Non-vested—beginning of year ....................... 1,402,909 $24.89
Granted ....................................... 125,000 13.06
Vested ......................................... (402,074) 23.81
Forfeited or expired ............................... (270,001) 25.55
Non-vested—end of year ........................... 855,834 $23.46
As of December 31, 2008, there was £0.1 million of total unrecognized compensation cost related
to non-vested share-based compensation arrangements granted for which a measurement date has been
established. That cost is expected to be recognized over a weighted-average period of 0.2 years. In
addition, the non-vested shares in the table above include 375,000 shares for which the measurement
date criteria under FAS 123R have not yet been established and consequently no compensation cost has
been determined.
The total fair value of shares vested during the years ended December 31, 2008, 2007 and 2006,
was £2.9 million, £7.9 million and £1.3 million, respectively.
Virgin Media Long Term Incentive Plan
Participants in the Virgin Media Long Term Incentive Plan for 2008, 2007 and 2006 are awarded
restricted stock units which vest after a three year period dependent on the achievement of certain long
term performance targets and continued employment. The final number of restricted stock units vesting
will be settled, at our discretion, in either common stock or an amount of cash equivalent to the fair
market value at the date of vesting.
A summary of the status of our non-vested restricted stock units as of December 31, 2008, and of
the changes during the year ended December 31, 2008, is given below.
Weighted
Average
Grant-date
Stock Units Fair Value
Non-vested—beginning of year ....................... 1,977,450 $24.61
Granted ....................................... 2,972,264 12.15
Vested ........................................ — —
Forfeited or expired ............................... (613,836) 20.90
Non-vested—end of year ........................... 4,335,878 $16.59
The restricted stock units that vested during the years ending December 31, 2008, 2007, 2006 had
total fair value of nil in all periods.
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