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ORBITZ WORLDWIDE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
78
11. Equity-Based Compensation
We issue share-based awards under the Orbitz Worldwide, Inc. 2007 Equity and Incentive Plan, as amended (the “Plan”).
The Plan provides for the grant of equity-based awards, including restricted stock, restricted stock units, stock options, stock
appreciation rights and other equity-based awards to our directors, officers and other employees, advisors and consultants who
are selected by the Compensation Committee of the Board of Directors for participation in the Plan. At our Annual Meeting of
Shareholders on June 12, 2012, our shareholders approved an amendment to the Plan, increasing the total number of shares of
our common stock available for issuance under the Plan from 21,100,000 shares to 24,100,000 shares, subject to adjustment as
provided by the Plan. As of December 31, 2012, 8,111,408 shares were available for future issuance under the plan.
Restricted Stock Units
The table below summarizes activity regarding unvested restricted stock units under the Plan during the year ended
December 31, 2012:
Restricted
Stock Units
Weighted-
Average Grant
Date Fair Value
(per share)
Unvested at January 1, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,455,507 $ 2.96
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,414,000 $ 3.31
Vested (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,486,599) $ 2.95
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (822,372) $ 3.56
Unvested at December 31, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,560,536 $ 3.04
(a) We issued 991,942 shares of common stock in connection with the vesting of restricted stock units during the year
ended December 31, 2012, 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 fair value of restricted stock units that vested during the years ended December 31, 2012, 2011 and 2010 was $4.4
million, $5.0 million and $14.0 million, respectively. The weighted-average grant date fair value of restricted stock units
granted during the years ended December 31, 2012, 2011 and 2010 was $3.31, $2.66 and $5.01 per unit, respectively. The fair
value of restricted stock units on the date of grant is amortized on a straight-line basis over the requisite service period of four
years.
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, 2012:
Performance-
Based
Restricted
Stock Units
Weighted-
Average Grant
Date Fair Value
(per share)
Unvested at January 1, 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065,250 $ 2.95
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,425,000 $ 2.40
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (269,250) $ 3.15
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (158,750) $ 2.65
Unvested at December 31, 2012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,062,250 $ 2.57
We granted 1,425,000 PSUs in June 2012 with a fair value per share of $3.65 to certain of our executive officers. The
PSUs were subject to the satisfaction of a performance condition that the Company's net revenue for fiscal year 2012 equal or
exceed a certain threshold. In December 2012, the Compensation Committee modified the performance condition such that the
established net revenue threshold can be achieved over any trailing twelve month period ending on or prior to December 31,
2013, or each PSU will be forfeited. If this performance condition is met, the PSUs will vest 25% on each anniversary of the
original grant date. This change in the performance condition required the fair value of the PSUs to be revalued as of the date of