World Fuel Services 2011 Annual Report Download - page 94

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The following table summarizes the outstanding awards issued pursuant to the 2006 Plan described
above as of December 31, 2011 and the remaining shares of common stock available for future issuance
(in thousands):
Remaining
shares of
common stock
SSAR Restricted available for
Plan name Awards Stock RSUs future issuance
2006 Plan (1) 517 446 901 4,718
(1) As of December 31, 2011, the outstanding SSAR Awards will expire between September 2012 and
March 2013, unvested restricted stock will vest between February 2012 and November 2016 and
unvested RSUs will vest between March 2012 and March 2016. RSUs and restricted stock granted
to non-employee directors under the 2006 Plan prior to 2011 vest equally on a monthly basis over a
one-year period, and, once vested, remain outstanding until the date the non-employee director
ceases, for any reason, to be a member of the Board of Directors. For the RSUs granted to
non-employee directors in 2011, 50% vest one year from the grant date, at which time, 50% of the
shares will be issued. The issuance of the remaining 50% of the shares will be deferred for three
years or until the date the non-employee director ceases, for any reason, to be a member of the
Board of Directors, whichever occurs first.
SSAR Awards
The following table summarizes the status of our outstanding and exercisable SSAR Awards and related
transactions for each of the following years (in thousands, except weighted average exercise price and
weighted average remaining contractual life data):
SSAR Awards Outstanding SSAR Awards Exercisable
Weighted Weighted
Average Average
Weighted Remaining Weighted Remaining
Average Aggregate Contractual Average Aggregate Contractual
SSAR Exercise Intrinsic Life SSAR Exercise Intrinsic Life
Awards Price Value (in Years) Awards Price Value (in Years)
As of December 31, 2008 3,789 $15.06 $16,654 2.4 1,168 $11.02 $ 9,772 1.3
Granted 48 21.78
Exercised (1,759) 13.27
Forfeited (17) 21.22
As of December 31, 2009 2,061 16.70 20,914 2.1 1,419 17.62 13,109 1.6
Granted 36 24.89
Exercised (1,085) 17.52
As of December 31, 2010 1,012 16.10 20,346 1.9 480 18.29 8,619 1.3
Exercised (486) 16.56
Forfeited (9) 12.39
As of December 31, 2011 517 $15.06 $13,921 1.4 410 $15.39 $10,895 1.4
As discussed in Note 1, we currently use the Black-Scholes option pricing model to estimate the fair
value of SSAR Awards granted to employees and non-employee directors. The aggregate intrinsic value
of SSAR Awards exercised during 2011, 2010 and 2009 was $10.2 million, $13.2 million and
$16.1 million, respectively, based on the difference between the average of the high and low market
price of our common stock at the exercise date and the SSAR Award exercise price.
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