Singapore Airlines 2014 Annual Report Download - page 149
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147
ANNUAL REPORT FY2013/14
5 Staff Costs (in $ million) (continued)
Share-based compensation expense (continued)
Share-basedincentiveplans(continued)
Time-based RSP
In FY2010/11, 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
NumberofTime-basedRestrictedShares
Balance at Balance at
Dateofgrant 1.4.2013 Vested Cancelled 31.03.2014
Time-basedRSP
07.05.2010 439,551 (206,539) (18,535) 214,477
The number of time-based restricted shares granted but not released as at 31 March 2014 was 214,477 (2013: 439,551).
Deferred Share Award
During the year, a one-off grant of Deferred Share Award of fully paid ordinary shares was granted to Senior Management.
At the end of a 3-year vesting period, an additional final award will be vested equal to the Base Award multiplied by the
accumulated dividend yield (based on the sum of SIA share dividend yields declared with ex-dividend dates occurring
during the vesting period). 100% of the shares will vest in 2016.
The fair value of services received in return for shares awarded is measured by reference to the fair value of shares granted
each year. The estimate of the fair value of the services received is measured based on a Monte Carlo simulation model,
which involves projection of future outcomes using statistical distributions of key random variables including share price
and volatility of returns.
Number of Deferred Share Award
Balance at
1.4.2013/ Balanceat
Dateofgrant dateofgrant Cancelled 31.03.2014
DSA
04.09.2013 161,800 (10,980) 150,820
The number of deferred share award granted but not released as at 31 March 2014 was 150,820 (2013: nil).