Singapore Airlines 2012 Annual Report Download - page 139

Download and view the complete annual report

Please find page 139 of the 2012 Singapore Airlines annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 206

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206

137ANNUAL REPORT 2011/2012
Notes to the Financial Statements
31 March 2012
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 2012, were 1,434,249 (2011: 1,489,477)
and 523,811 (2011: 573,384) for RSP and PSP respectively. Based on the achievement factor, the actual release of the
awards could range from zero to a maximum of 1,994,397 (2011: 2,070,532) and 1,047,622 (2011: 1,146,768) 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 previous 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 Balance at
Date฀of฀grant฀ ฀ ฀ 1.4.2011฀ Vested฀ Modications^฀ 31.03.2012
Time-based฀RSP
01.04.2010 10,000 (10,000) - -
07.05.2010 466,500 (48,570) 26,916 444,846
476,500 (58,570) 26,916 444,846
^ Following approval by the Company’s shareholders of the declaration of a special dividend of $0.80 per share on 29 July 2011, the Board
Compensation & Industrial Relations Committee approved an increase in all time-based restricted shares outstanding on 18 August 2011
under the time-based RSP.
The number of time-based restricted shares granted but not released as at 31 March 2012 was 444,846 (2011: 476,500).