FairPoint Communications 2009 Annual Report Download - page 160
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Table of Contents
On March 3, 2009, the Company's compensation committee approved the award of performance units under the Plan for the performance period
beginning January 1, 2009 and ending December 31, 2011 to certain key employees. As of December 31, 2009, no shares of common stock had been
issued pursuant to this grant.
In 2008, the Company's board of directors approved an annual award to each of the Company's non-employee directors in the form of non-vested
stock or stock units, at the recipient's option, issued under the 2008 Long Term Incentive Plan. The non-vested stock and stock units will vest in four
equal quarterly installments on the first day of each of the first four calendar quarters following the grant date and the holders thereof will be entitled to
receive dividends from the date of grant, whether or not vested. The following table presents information regarding stock units granted to non-employee
directors under the 2008 Plan (including stock units granted in lieu of dividends):
The fair value of the awards is calculated as the fair value of the shares on the date of grant. Beginning on January 1, 2006, the Company adopted
the provisions of SFAS 123(R) using the modified prospective method for the awards under the 2005 Stock Incentive Plan as all awards were granted
subsequent to the Company becoming public. Under this methodology, the Company is required to estimate expected forfeitures related to these grants
and, for the non-dividend paying shares, the compensation expense is reduced by the present value of the dividends which were not paid on those
shares prior to their vesting.
147
Outstanding at March 31, 2008 — $ —
Granted — —
Exercised — —
Forfeited — —
Outstanding at December 31, 2008 — $ —
Granted 175,352 1.79
Exercised — —
Forfeited — —
Outstanding at December 31, 2009 175,352 $ 1.79