Singapore Airlines 2009 Annual Report Download - page 142
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140
NOTES TO THE FINANCIAL STATEMENTS
31 March 2009
13 Share Capital (in $ million) (continued)
Share-based incentive plans (continued)
Fair values of RSP and PSP (continued)
SIA RSP and PSP (continued)
When estimating the fair value of the compensation cost, market-based performance conditions shall be
taken into account. Therefore, for performance share grants with market-based performance conditions, the
compensation cost shall be charged to the profi t and loss account on a basis that fairly refl ects the manner
in which the benefi ts will accrue to the employee under the plan over the remaining service period from
date of grant to which the performance period relates, irrespective of whether this performance condition
is satisfi ed.
For performance share grants with non-market conditions, the Group revises its estimates of the number of
share grants expected to vest and corresponding adjustments are made to the profi t and loss account and
share-based compensation reserve.
Under the PSP, eligible key senior management are required to hold a portion of the shares released to
them under a share ownership guideline which requires them to maintain a benefi cial ownership stake in
the Company, thus further aligning their interests with shareholders.
The number of contingent shares granted but not released as at 31 March 2009, were 1,287,203 (2008:
788,310) and 524,853 (2008: 302,653) for RSP and PSP respectively. Based on the achievement factor,
the actual release of the awards could range from zero to a maximum of 1,516,694 (2008: 945,972) and
787,280 (2008: 453,980) fully-paid ordinary shares of the Company, for RSP and PSP respectively.
SATS RSP and SATS PSP
November 2008 Award July 2008 Award
RSP RSP PSP
SATS
Expected dividend yield (%) Management’s forecast in line with dividend policy
Expected volatility (%) 22.00 – 25.40 22.00 – 25.40 24.10
Risk-free interest rate (%) 1.10 – 1.90 1.10 – 1.90 1.44
Expected term (years) 1.9 – 3.9 1.9 – 3.9 2.9
Share price at date of grant ($) 1.50 2.09 2.09