XM Radio 2009 Annual Report Download - page 189

The following table summarizes the nonvested restricted stock and restricted stock unit activity under our
share-based payment plans for the years ended December 31, 2009, 2008 and 2007 (shares in thousands):
Shares
Weighted-Average
Grant Date
Fair Value
Nonvested, January 1, 2007 ................................. 4,086 $4.64
Granted .............................................. 2,188 $3.58
Vested ............................................... (2,575) $5.12
Forfeited.............................................. (76) $1.96
Nonvested, December 31, 2007 ............................... 3,623 $3.70
Shares exchanged for non-vested XM Holdings shares ............ 33,339 $2.93
Granted .............................................. 3,208 $2.87
Vested ............................................... (18,135) $3.06
Forfeited.............................................. (2,104) $2.90
Nonvested, December 31, 2008 ............................... 19,931 $2.84
Granted .............................................. 84,851 $0.37
Vested ............................................... (95,512) $0.68
Forfeited.............................................. (2,351) $1.92
Nonvested, December 31, 2009 ............................... 6,919 $2.65
The weighted average grant date fair value of restricted stock units granted during the years ended
December 31, 2009, 2008 and 2007 was $0.37, $2.87 and $3.58, respectively. The total intrinsic value of restricted
stock units that vested during the years ended December 31, 2009, 2008 and 2007 was $45,827, $21,451 and $8,668,
respectively.
We recognized share-based payment expense associated with restricted stock units and shares of restricted
stock of $16,632, $21,813 and $14,482 for the years ended December 31, 2009, 2008 and 2007, respectively.
Total unrecognized compensation costs related to unvested share-based payment awards granted to employees
and members of our board of directors at December 31, 2009 and 2008, net of estimated forfeitures, was $114,068
and $90,310, respectively. The weighted-average period over which the compensation expense for these awards is
expected to be recognized is three years as of December 31, 2009.
401(k) Savings Plan
We sponsor the Sirius Satellite Radio 401(k) Savings Plan (the “Sirius Plan”) for eligible employees. During
2009, we merged the XM Satellite Radio 401(k) Savings Plan (the “XM Plan”) into the Sirius Plan. All eligible
employees under the XM Plan became subject to the contribution, matching and vesting rules of the Sirius Plan.
The Sirius Plan allows eligible employees to voluntarily contribute from 1% to 50% of their pre-tax salary
subject to certain defined limits. We match 50% of an employee’s voluntary contributions, up to 6% of an
employee’s pre-tax salary, in the form of shares of common stock. Matching contributions under the Sirius Plan vest
at a rate of 331⁄3% for each year of employment and are fully vested after three years of employment. Expense
resulting from the matching contribution to the plans was $2,895, $2,735 and $1,551 for the years ended
December 31, 2009, 2008 and 2007, respectively.
We may also elect to contribute to the profit sharing portion of the Sirius Plan based upon the total eligible
compensation of eligible participants. These additional contributions, referred to as profit-sharing contributions, are
determined by the compensation committee of our board of directors. Employees are only eligible to receive profit-
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SIRIUS XM RADIO INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)