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64435 TX 75WORLD FUEL SERVICES
ANNUAL REPORT
28-Feb-2008 00:14 EST
CLN PSTAM
RR Donnelley ProFile SER kirkw0cm 7*
PMT 2C
CHMFBUAC350855
9.9.26
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table summarizes the status of our restricted stock units and related transactions for each of
the following years (in thousands, except for weighted average grant-date fair value data):
RSUs Outstanding RSUs Exercisable
RSUs
Weighted
Average
Grant-
date Fair
Value
Aggregate
Intrinsic
Value RSUs
Weighted
Average
Grant-
date Fair
Value
Aggregate
Intrinsic
Value
At December 31, 2005 .... — $ — $— — $ — $—
Granted ............... 11 42.45
At December 31, 2006 .... 11 42.45 467 5 42.45 233
Granted ............... 8 40.70
Exercised .............. (3) 42.45
At December 31, 2007 .... 16 $41.50 $473 13 $41.74 $366
As of December 31, 2007, RSUs are only held by our non-employee directors. As of each cash dividend
payment date with respect to common stock, each non-employee director had credited to his or her account, as
maintained by us, a dividend equivalent amount equal to the cash dividend payable with respect to each share of
common stock on such date. Upon the date that the non-employee director ceases, for any reason, to be a member
of the Board of Directors, the dividend equivalent amount will be paid in cash.
As discussed above, in June 2006, we granted an aggregate of 400 shares of our common stock to two
non-employee directors under the 2006 Plan. These share-based payments represent compensation for services
rendered by the two non-employee directors during the past year as members of the Nominating Subcommittee
of the Governance Committee for the Board of Directors.
The weighted average grant-date fair value of the common stock, restricted stock and RSUs granted under
share-based payment plans during 2007, 2006 and 2005 was $41.86 per share, $40.79 per share and $25.37 per
share, respectively.
Unrecognized Compensation Cost
As of December 31, 2007, there was $12.3 million of total unrecognized compensation cost related to
non-vested share-based payment awards, which is included as capital in excess of par value in the accompanying
consolidated balance sheets. The unrecognized compensation cost at December 31, 2007 is expected to be
recognized as compensation expense over a weighted average period of 1.3 years as follows (in thousands):
Year Ended December 31,
2008 ............................................................. $ 6,530
2009 ............................................................. 2,903
2010 ............................................................. 1,795
2011 ............................................................. 897
2012 ............................................................. 182
$12,307
75