Singapore Airlines 2008 Annual Report Download - page 123
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Singapore Airlines Annual Report 2007-08
121
14 Share Capital (in $ million) (continued)
Share-based incentive plans (continued)
Fair values of RSP and PSP (continued)
SIAEC RSP and SIAEC PSP (continued)
Number of Performance shares
Balance at
1.4.2007/later Balance at
Date of grant date of grant Cancelled 31.3.2008
SIAEC PSP
3.7.2006 36,900 (5,800) 31,100
2.7.2007 61,200 - 61,200
98,100 (5,800) 92,300
Based on the Monte Carlo simulation model, the estimated fair value at date of grant for each share granted under the
SIAEC RSP ranges from $4.19 to $4.38 (2006-07: $3.71 to $3.84) and the estimated fair value at date of grant for each
share granted under the SIAEC PSP is $3.53 (2006-07: $4.04).
The number of contingent shares granted but not released as at 31 March 2008, were 533,200 (2007: 203,200) and
92,300 (2007: 36,900) for SIAEC RSP and SIAEC PSP respectively. Based on the achievement factor, the actual release
of the awards could range from zero to a maximum of 639,840 (2007: 243,840) and 138,450 (2007: 55,350) fully-paid
ordinary shares of SIAEC, for SIAEC RSP and SIAEC PSP respectively.
For the current financial year, the Group has recorded $6.5 million (2006-07: $1.8 million) in respect of the RSP and PSP
based on the fair values determined on grant date and estimation of share grants that will ultimately vest.
The total amount recognised in the profit and loss account for share-based compensation transactions with employees can
be summarised as follows:
The Group
31 March
2007-08 2006-07
Share-based compensation expense
- Employee share option plan 67.4 55.8
- Restricted share plan 5.4 1.5
- Performance share plan 1.1 0.3
73.9 57.6
15 Treasury Shares (in $ million)
The Group and the Company
Number of shares Amount
2008 2007 2008 2007
Treasury shares
Balance at 1 April - - - -
Purchase of treasury shares 2,301,000 - (33.2) -
Balance at 31 March 2,301,000 - (33.2) -
Treasury shares relate to ordinary shares of the Company that are held by the Company. Pursuant to the share buyback
mandate approved by shareholders, the Company purchased 2,301,000 of its ordinary shares by way of on-market
purchases at share prices ranging from $13.92 to $15.24. The total amount paid to purchase the shares was $33.2 million
and this is presented as a component within equity attributable to equity holders of the Company.
NOTES TO THE FINANCIAL STATEMENTS
31 March 2008