Singapore Airlines 2009 Annual Report Download - page 133
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131
13 Share Capital (in $ million) (continued)
Share option plans (continued)
SIAEC ESOP
2008-09 2007-08
Weighted Weighted
Number of average Number of average
options exercise price options exercise price
Balance at 1 April 52,004,788 $3.16 49,731,288 $2.40
Granted 13,592,000 $3.74 15,483,000 $4.67
Cancelled (748,000) $3.02 (785,575) $2.92
Exercised (3,588,125) $2.27 (12,423,925) $2.01
Balance at 31 March 61,260,663 $3.34 52,004,788 $3.16
Exercisable at 31 March 31,471,838 $2.57 20,424,138 $1.92
The range of exercise prices for options outstanding at the end of the year is $1.01 to $4.67 (2007-08:
$1.01 to $4.67).
The weighted average fair value of options granted during the year was $0.55 (2007-08: $0.93). The weighted
average share price for options exercised during the year was $2.74 (2007-08: $4.47). The weighted average
remaining contractual life for these options is 7.13 years (2007-08: 7.41 years).
Fair values of SIA, SATS and SIAEC ESOP
The fair value of services received in return for share options granted is measured by reference to the fair
value of share options granted each year under the SIA, SATS and SIAEC ESOP. The estimate of the fair
value of the services received is measured based on a binomial option pricing model, taking into account
the terms and conditions upon which the options were granted. The following table lists the inputs to the
model used for the July 2008 and July 2007 grants:
July 2008 Grant July 2007 Grant
SIA ESOP
Expected dividend yield (%) Management’s forecast in line with dividend policy
Expected volatility (%) 22.58 – 28.24 23.47 – 28.80
Risk-free interest rate (%) 2.66 – 3.12 2.64 – 2.81
Expected life of options (years) 5.5 – 7.0 5.5 – 7.0
Exercise price ($) 14.83 18.22*
Share price at date of grant ($) 14.60 18.70
* Following approval by the Company’s shareholders of the declaration of a special dividend of $0.50 on 31 July 2007, the
Board Compensation & Industrial Relations Committee approved a reduction of $0.50 in the exercise prices of the share options
outstanding on 2 August 2007. The exercise prices refl ected here are the exercise prices after such adjustment.