FairPoint Communications 2009 Annual Report Download - page 159

Table of Contents
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The following table presents information regarding non-vested stock granted to employees under the 2005 Stock Incentive Plan:
The weighted average fair value of the 101,269 shares that vested in 2009 was $0.31.
(d) 2008 Long Term Incentive Plan
In March 2008, the Company adopted the FairPoint Communications, Inc. 2008 Long Term Incentive Plan (the "2008 Long Term Incentive
Plan"). The 2008 Long Term Incentive Plan provides for the grant of up to 9,500,000 shares of non-vested stock, stock units and stock options to
members of the Company's board of directors and certain key members of the Company's management. Shares granted to employees under the 2008
Long Term Incentive Plan vest over periods ranging from two to three years and certain of these shares pay current dividends. At December 31, 2009,
up to 8,955,363 additional shares of common stock may be issued in the future pursuant to awards authorized under the 2008 Long Term Incentive
Plan.
On March 27, 2008, the Company's compensation committee approved the award of performance units under the Plan for the performance period
beginning April 1, 2008 and ending December 31, 2008 and for the performance period beginning April 1, 2008 and ending December 31, 2009, in
each case to certain key employees. On March 6, 2009 502,764 common shares were issued, and 265,957 performance units were forfeited to satisfy
tax withholdings, for the performance period beginning April 1, 2008 and ending December 31, 2008. The Company failed to meet the threshold
performance conditions for issuance of shares related to the performance period beginning April 1, 2008 and ending December 31, 2009. As such, all
performance units under this grant were forfeited as of December 31, 2009.
On June 18, 2008, the Company's compensation committee approved the award of performance units under the Plan for the performance period
beginning April 1, 2008 and ending December 31, 2010 to certain key employees. As of December 31, 2009, no shares of common stock had been
issued under this grant.
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 
Non-vested at March 31, 2008 412,807 $ 16.88
Granted — —
Vested (164,296) 18.28
Forfeited (85,250) 17.25
Non-vested at December 31, 2008 163,261 $ 15.27
Granted — —
Vested (101,269) 15.92
Forfeited (11,993) 17.76
Non-vested at December 31, 2009 49,999 $ 13.36