Ryanair 2016 Annual Report Download - page 184

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184
(c) Share options and share purchase arrangements
The Company has adopted a number of share option plans, which allow current or future employees or executive
directors to purchase shares in the Company up to an aggregate of approximately 5% (when aggregated with other ordinary
shares over which options are granted and which have not yet been exercised) of the outstanding ordinary shares of Ryanair
Holdings plc, subject to certain conditions. All grants are subject to approval by the Remuneration Committee. These are
exercisable at a price equal to the market price of the ordinary shares at the time options are granted. The key terms of
these option plans include the requirement that certain employees remain in employment with the Company for a specified
period of time and that the Company achieves certain net profit targets and/or share price targets.
Details of the share options outstanding are set out below:
Weighted
Share Options
Average
M
Exercise Price
Outstanding at March 31, 2013
11.50
€2.97
Exercised
(5.7)
€2.90
Outstanding at March 31, 2014
5.8
€3.04
Exercised
(5.0)
€2.88
Granted
18.5
€6.91
Expired
(0.5)
€4.99
Forfeited
(0.8)
€6.25
Outstanding at March 31, 2015
18.0
€6.86
Exercised
(0.3)
€2.56
Granted
0.1
€11.38
Forfeited
(0.5)
€6.25
Outstanding at March 31, 2016
17.3
€6.97
The mid-market price of Ryanair Holdings plc’s ordinary shares on the Irish Stock Exchange at March 31, 2016
was €14.17 (2015: €11.13; 2014: €7.61). The highest and lowest prices at which the Company’s shares traded on the Irish
Stock Exchange in the 2016 fiscal year were €15.35 and €10.47 respectively (2015: €11.13 and €6.35, respectively; 2014:
€7.70 and €5.33, respectively). There were no options exercisable at March 31, 2016 (2015: 0.3 million; 2014: 5.8 million).
The average share price for the 2016 fiscal year was €13.06 (2015: €8.12; 2014: €6.59).
The weighted average share price (as of the dates of exercises) for all options exercised during the 2016 fiscal
year was €11.70 (2015: €8.56; 2014: €6.67).
At March 31, 2016 the range of exercise prices and weighted average remaining contractual life of outstanding
options are shown in the table below. There were no exercisable options at March 31, 2016.
Options outstanding
Weighted-
average
Weighted-
Number
remaining
average
Range of exercise
outstanding
contractual life
exercise
price (€)
M
(years)
price (€)
6.25-7.99
12.2
6.1
6.39
8.00-11.38
5.1
5.7
8.38
The Company has accounted for its share option grants to employees at fair value, in accordance with IFRS 2,
using a binomial lattice model to value the option grants. This has resulted in a charge of €5.9 million to the income
statement (2015: €0.5 million charge; 2014: €1.9 million charge) being recognised within the income statement in
accordance with employee services rendered.