Visa 2010 Annual Report Download - page 118
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2010
(in millions, except as noted)
The following table summarizes the Company's RSA and RSU activity for fiscal 2010:
Restricted Stock
Weighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term (in
years)
Aggregate
Intrinsic
Value(1)
(in millions)
Awards Units RSA RSU RSA RSU RSA RSU
Outstanding at October 1, 2009 1,236,011 277,014 $ 56.55 $ 56.64
Granted 878,626 247,270 79.58 79.59
Vested (458,803) (104,536) 57.13 56.34
Forfeited/expired (88,627) (49,110) 64.60 66.10
Outstanding at September 30, 2010 1,567,207 370,638 $ 68.84 $ 70.60 1.7 1.7 $ 116 $ 28
(1) Calculated using the stock price at September 30, 2010 of $74.26 multiplied by the number of instruments.
At September 30, 2010, there was $66 million and $16 million of total unrecognized compensation cost related to non-vested RSAs and RSUs,
respectively, which is expected to be recognized over a weighted average period of approximately 1.7 years.
Performance-based Shares
For performance-based shares granted in fiscal 2010, the ultimate number of shares earned will be between zero and 203,006, depending on the
Company's achievement of specified cumulative net income performance targets, and the Company's stock price ranked against the total shareholder return of
companies that are included in the Standard & Poor's 500 Index during the approximate two-year period beginning October 28, 2009. The grant-date fair
value of these performance-based shares, incorporating the market condition using a Monte Carlo simulation model, was $88.06 per share. Of the
performance shares granted in fiscal 2009, 295,736 shares were earned based on the Company's achievement of specified adjusted net income performance
targets during the one-year period ended September 30, 2009. The fiscal 2009 grants did not include additional performance conditions.
Compensation expense for performance-based shares is initially estimated based on target performance and recorded net of estimated forfeitures, and is
adjusted as appropriate throughout the performance period. Performance shares vest in two equal installments approximately two and three years from the
date of the grant, subject to earlier vesting in full under certain conditions. At September 30, 2010, there was $9 million of total unrecognized compensation
cost related to non-vested performance-based shares.
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