FairPoint Communications 2007 Annual Report Download - page 106
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Table of Contents
The following table presents information regarding non-vested stock granted to employees under the 2005 Plan:
Non-vested at December 31, 2004 — $ —
Granted 523,716 18.16
Vested — —
Forfeited (53,687) 18.50
Non-vested at December 31, 2005 470,029 18.13
Granted 233,926 16.93
Vested (131,721) 18.17
Forfeited (19,421) 17.83
Non-vested at December 31, 2006 552,813 17.62
Granted 57,500 14.66
Vested (204,663) 17.72
Forfeited (2,009) 16.33
Non-vested at December 31, 2007 403,641 $ 17.16
The weighted average fair value of the 204,663 shares that vested in 2007 was $18.36.
In November 2001, in connection with the sale of certain assets of its competitive communications operations, the Company
announced its plan to discontinue the competitive communications business operations of its wholly-owned subsidiary, Carrier Services.
As a result of the adoption of the plan to discontinue the competitive communications operations, these results are presented as
discontinued operations.
In 2006 and 2005, the Company settled certain lease obligations which reduced the remaining obligations related to discontinued
operations. As a result, the Company reduced the obligation by $0.9 million and $0.6 million in 2006 and 2005, respectively, to properly
reflect the on-going obligations of the Company. In 2007, the statute of limitations expired on the remainder of the obligations and
therefore, the Company reduced the remaining obligation by $0.5 million.
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