Experian 2008 Annual Report Download - page 126

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124 Experian Annual Report 2008
35. Share-based payment arrangements (continued)
(iv) Weighted average estimated fair values and the inputs into the Black-Scholes models – Experian plans
Experian
Arrangements Experian Share Option Plan Sharesave Plans
2008 2007 2008
Share price on grant date (£) 5.30 5.63 5.83
Exercise price (£) 5.22 5.61 4.72
Expected volatility 29.5% 28.0% 26.7%
Expected dividend yield 3.6% 3.3% 3.8%
Risk-free rate 5.2% 4.9% 5.7%
Expected option life to exercise 3.6 years 4.4 years 3.3 years
Fair value (£) 1.08 1.26 1.58
(v) Weighted average estimated fair values and the inputs into the Black-Scholes models – former GUS plans
The 1998
Approved and
Non-Approved
Executive The North
Share Option America Stock
Arrangements Schemes Option Plan
Share price on grant date (£) 9.35 9.35
Exercise price (£) 9.26 9.26
Expected volatility 29.4% 29.1%
Expected dividend yield 3.5% 3.5%
Risk-free rate 4.7% 4.7%
Expected option life to exercise 4 years 3.75 years
Fair value (£) 2.06 2.00
The weighted average estimated fair values and the inputs into the Black-Scholes model for these plans are in respect of the
period from 1 April 2006 to the date of demerger. Options over GUS plc shares granted in that period had a weighted average
fair value of £2.03. There were no options granted in respect of savings related share option schemes in that period.
(vi) Reconciliation of movement in the number of share options
Number Weighted average
of options exercise price
2008 2008
m £
Options in respect of shares in Experian Group Limited outstanding at 1 April 2007 31.4 4.73
New grants 6.3 4.96
Forfeitures1 (1.8) 5.20
Cancellations (0.3) 4.52
Exercised options (4.9) 4.09
Expired options (0.6) 4.88
Options in respect of shares in Experian Group Limited outstanding at 31 March 2008 30.1 4.85
Options in respect of shares in Experian Group Limited exercisable at 31 March 2008 8.3 4.20
1. For arrangements which are ‘save as you earn’ in nature, this includes non-leavers who have failed the savings requirement.
Notes to the Group financial statements continued