World Fuel Services 2011 Annual Report Download - page 95

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The weighted average fair value of the SSAR Awards and the assumptions used to determine such fair
value for each of the following years are as follows:
2010 2009
Weighted average fair value of SSAR Awards $10.97 $9.33
Expected term (in years) 4.0 4.0
Volatility 58.0% 58.9%
Dividend yields 0.5% 0.7%
Risk-free interest rates 1.7% 1.9%
There were no SSAR Awards issued in 2011.
Restricted Stock Awards
The following table summarizes the status of our unvested restricted stock outstanding and related
transactions for each of the following years (in thousands, except weighted average grant-date fair value
price and weighted average remaining vesting term data):
Unvested Restricted Stock Outstanding
Weighted
Weighted Average
Average Remaining
Unvested Grant-date Aggregate Vesting
Restricted Fair Value Intrinsic Term
Stock Price Value (in Years)
As of December 31, 2008 611 $18.73 $11,427 2.2
Vested (135) 12.43
Forfeited (57) 19.12
As of December 31, 2009 419 20.88 11,245 1.7
Vested (26) 21.30
Forfeited (7) 20.95
As of December 31, 2010 386 20.84 13,991 0.6
Granted 353 37.40
Vested (284) 20.49
Forfeited (9) 26.45
As of December 31, 2011 446 $34.07 $18,707 2.2
The aggregate value of restricted stock which vested during 2011, 2010 and 2009 was $10.6 million,
$1.0 million and $3.6 million, respectively, based on the average high and low market price of our
common stock at the vesting date.
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