Cincinnati Bell 2014 Annual Report Download - page 110
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Table of Contents
Form 10-K Part II
Cincinnati Bell Inc.
The Company may grant stock options, stock appreciation rights, performance-based awards, and time-based restricted shares to officers and key employees
under the 2007 Long Term Incentive Plan and stock options, restricted shares, and restricted stock units to directors under the 2007 Stock Option Plan for
Non-Employee Directors. The maximum number of shares authorized under these plans is 19.0 million. Shares available for award under the plans at
December 31, 2014 were 1.8 million.
Generally, the awards of stock options and stock appreciation rights fully vest three years from grant date and expire ten years from grant date. Beginning in
2012, some of the stock options and stock appreciation rights vested over a three year period based on the achievement of certain performance objectives.
The Company generally issues new shares when options to purchase common shares or stock appreciation rights are exercised. The following table
summarizes stock options and stock appreciation rights activity:
Outstanding at January 1, 6,128
$ 3.66
9,538
$ 4.04
14,152
$ 3.70
Granted * 998
3.41
595
4.75
994
3.41
Exercised (725)
1.73
(804)
2.41
(4,854)
2.80
Forfeited (215)
3.99
(361)
3.39
(6)
2.91
Expired (962)
3.73
(2,840)
5.56
(748)
4.87
Outstanding at December 31, 5,224
$ 3.85
6,128
$ 3.66
9,538
$ 4.04
Expected to vest at December 31, 5,224
$ 3.85
6,128
$ 3.66
9,538
$ 4.04
Exercisable at December 31, 3,477
$ 3.98
5,064
$ 3.61
8,486
$ 4.13
Compensation expense for the year $ 0.3
$ 0.6
$ 1.1
Tax benefit related to compensation expense $ (0.1)
$ (0.2)
$ (0.4)
Intrinsic value of awards exercised $ 1.5
$ 1.2
$ 10.6
Cash received from awards exercised $ 1.3
$ 2.4
$ 5.5
Grant date fair value of awards vested $ 0.4
$ 0.4
$ 0.5
* Assumes the maximum number of awards that can be earned if the performance conditions are achieved.
The following table summarizes our outstanding and exercisable awards at December 31, 2014:
$1.67 to $2.91 596
$ 2.46
596
$ 2.46
$3.40 to $4.00 2,882
3.57
1,389
3.75
$4.20 to $5.31 1,746
4.80
1,492
4.80
Total 5,224
$ 3.85
3,477
$ 3.98
109