Singapore Airlines 2011 Annual Report Download - page 137

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ANNUAL REPORT 2010/2011 135
NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
5 Staff Costs (in $ million) (continued)
Share-based compensation expense (continued)
Share-based incentive plans (continued)
Fair value of share awards granted (continued)
The number of contingent shares granted but not released as at 31 March 2011, were 1,489,477 (2010:
1,734,240) and 573,384 (2010: 644,163) for RSP and PSP respectively. Based on the achievement factor,
the actual release of the awards could range from zero to a maximum of 2,070,532 (2010: 2,424,156)
and 1,146,768 (2010: 1,199,877) fully-paid ordinary shares of the Company, for RSP and PSP respectively.
Details and terms of the SIAEC RSP and SIAEC PSP have been disclosed in the Annual Report of SIAEC.
Time-based RSP
During the financial year, the Board Compensation & Industrial Relations Committee approved a special
time-based RSP awarded to senior management. This one-off grant of time-based RSP shares will be issued
on the vesting dates.
For retirees, 50% of the shares will vest on the retirement date and the remaining 50% one year after the
retirement date.
For employees still in service, 50% of the shares will vest in 2013 and the balance will vest equally in
2014 and 2015.
The fair value of the time-based share awards is the market price of the shares at the date of grant
discounted by the expected future dividend yield over the vesting period.
Movement of time-based share awards during the financial year
Number of Time-based Restricted Shares
Balance at
1.4.2010/ Balance at
Date of grant date of grant Vested Cancelled 31.03.2011
Time-based RSP
01.04.2010 20,000 (10,000) - 10,000
07.05.2010 608,000 (41,500) (100,000) 466,500
628,000 (51,500) (100,000) 476,500
The number of time-based restricted shares granted but not released as at 31 March 2011 was 476,500
(2010: Nil).