Orbitz 2010 Annual Report Download - page 103

Download and view the complete annual report

Please find page 103 of the 2010 Orbitz annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 129

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129

The total number of restricted stock units that vested during the years ended December 31, 2009 and
December 31, 2008 and the period from July 18, 2007 to December 31, 2007 and the total fair value thereof
was 587,829 restricted stock units, 296,366 restricted stock units and 181,003 restricted stock units,
respectively, and $5 million, $3 million and $2 million, respectively.
Restricted Stock
The table below summarizes activity regarding unvested restricted stock under the Plan for the years
ended December 31, 2009 and December 31, 2008 and the period from July 18, 2007 to December 31, 2007:
Restricted
Stock
Weighted Average
Grant Date
Fair Value
(per share)
Unvested at July 18, 2007 .................................. — —
Granted ............................................... 61,795 $8.45
Vested(a).............................................. (13,130) $8.45
Forfeited (b) ............................................ (6,586) $8.45
Unvested at December 31, 2007 ............................. 42,079 $8.45
Granted ............................................... — —
Vested(a).............................................. (16,832) $8.45
Forfeited (b) ............................................ (6,586) $8.45
Unvested at December 31, 2008 ............................. 18,661 $8.45
Granted ............................................... — —
Vested(a).............................................. (14,453) $8.45
Forfeited (b) ............................................ (2,013) $8.45
Unvested at December 31, 2009 ............................. 2,195 $8.45
(a) Includes 4,453 shares, 2,617 shares and 2,266 shares of common stock transferred to us in satisfaction
of minimum tax withholding obligations associated with the vesting of restricted stock during the
years ended December 31, 2009 and December 31, 2008 and the period from July 18, 2007 to
December 31, 2007, respectively. These shares are held by us in treasury.
(b) These shares are held by us in treasury.
Shares of restricted stock were granted upon conversion of the Class B partnership interests previously
held by our employees under the Travelport Plan. The restricted stock vested 5.555% in August 2007 and
vested an additional 8.586% on each subsequent November, February, May and August through February
2010, and become fully vested in May 2010. The fair value of restricted stock on the date of grant is
amortized on a straight-line basis over the requisite service period.
The total number of shares of restricted stock that vested during the years ended December 31, 2009 and
December 31, 2008 and the period from July 18, 2007 to December 31, 2007 was 14,453 shares, 16,832 shares
and 13,130 shares, respectively. The total fair value of the restricted stock that vested was almost nil for each
of the years ended December 31, 2009 and December 31, 2008 and the period from July 18, 2007 to
December 31, 2007.
Performance-Based Restricted Stock Units
On June 19, 2008, the Compensation Committee approved a grant of performance-based restricted stock
units (“PSUs”) under the Plan to certain of our executive officers. The PSUs entitle the executives to receive a
103
ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)