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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
82
Restricted Stock Units
The table below summarizes activity regarding unvested restricted stock units under the Plan during the year ended
December 31, 2011:
Restricted
Stock Units
Weighted-
Average Grant
Date Fair Value
(per share)
Unvested at January 1, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,233,590 $ 3.37
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,201,000 $ 2.66
Vested (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,411,310) $ 3.57
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (567,773) $ 3.34
Unvested at December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,455,507 $ 2.96
(a) We issued 919,333 shares of common stock in connection with the vesting of restricted stock units during the year
ended December 31, 2011, which is net of the number of shares retained (but not issued) by us in satisfaction of
minimum tax withholding obligations associated with the vesting.
The restricted stock units granted at the time of the IPO upon conversion of unvested equity-based awards previously
held by our employees under the Travelport Plan vested quarterly over a three-year period and became fully vested in May
2010. All other restricted stock units cliff vest at the end of either a two-year or three-year period, or vest annually over a three-
year or four-year period. The fair value of restricted stock units on the date of grant is amortized on a straight-line basis over
the requisite service period.
The fair value of restricted stock units that vested during the years ended December 31, 2011, 2010 and 2009 was $5.0
million, $14.0 million and $5.2 million, respectively. The weighted-average grant date fair value of restricted stock units
granted during the years ended December 31, 2011, 2010 and 2009 was $2.66, $5.01 and $1.92 per unit, respectively.
Restricted Stock
Shares of restricted stock were granted upon conversion of the Class B partnership interests previously held by our
employees under the Travelport Plan in July 2007. The restricted stock vested quarterly over a three-year period and became
fully vested in May 2010. The fair value of restricted stock on the date of grant was amortized on a straight-line basis over the
requisite service period. The total fair value of the restricted stock that vested was $0 and $0.1 million for the years ended
December 31, 2010 and 2009, respectively. No restricted stock was granted during the years ended December 31, 2011, 2010
and 2009.
Performance-Based Restricted Stock Units
The table below summarizes activity regarding unvested performance-based restricted stock units (“PSUs”) under the
Plan during the year ended December 31, 2011:
Performance-
Based
Restricted
Stock Units
Weighted-
Average Grant
Date Fair Value
(per share)
Unvested at January 1, 2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561,108 $ 5.33
Granted (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 805,000 $ 2.33
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (96,750) $ 4.90
Forfeited (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (204,108) $ 6.08
Unvested at December 31, 2011. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,250 $ 2.95
(a) We granted 805,000 PSUs in June 2011 with a fair value per share of $2.33 to certain of our executive officers that
vest annually over a four-year period. The PSUs entitle the executives to receive one share of our common stock
for each PSU, subject to the satisfaction of a performance condition. The performance condition required that our