FairPoint Communications 2010 Annual Report Download - page 118

Table of Contents
The following table presents information regarding non-vested stock granted to employees under the 2005 Stock Incentive Plan:
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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
Granted — —
Vested (20,451) 13.52
Forfeited (12,882) 13.52
Non-vested at December 31, 2010 16,666 $ 13.02
The weighted average fair value of the 20,451 shares that vested in 2010 was $0.03.
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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, 2010, up to 8,980,363 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. 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, 2010. As such, all performance units under this grant were forfeited
as of December 31, 2010.
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, 2010, 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
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