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This excerpt taken from the ACI 10-K filed Mar 1, 2010. Performance-Contingent
Phantom Stock Awards
During the year ended December 31, 2008, certain stock
price and EBITDA performance measurements were satisfied under
performance-contingent phantom stock awards awarded to all of
the Company’s executives,
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NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
and the Company issued 0.2 million shares of common stock
and paid cash of $3.5 million under the awards. The Company
recognized $1.1 million and $1.4 million of expense
under this award in the years ended December 31, 2008 and
2007, respectively. The expense is included in selling, general
and administrative expenses in the accompanying consolidated
statements of income.
These excerpts taken from the ACI 10-K filed Feb 27, 2009. Performance-Contingent
Phantom Stock Awards
The Company awarded performance-contingent phantom stock to 11
of its executives in the third quarter of 2005. The awards allow
participants to earn up to an aggregate of 505,200 units,
to be paid out in a combination of cash and stock upon
attainment of certain levels of stock price and EBITDA, as
defined by the Company. Under Statement No. 123R, the cash
portion of the plan is accounted for as a liability, based on
the estimated payout under the awards. The stock portion is
recorded utilizing the grant-date fair value of the award, based
on a lattice model valuation. During the year ended
December 31, 2008, certain of the stock price and EBITDA
performance measurements were satisfied under the plan, and the
Company issued 0.2 million shares of common stock and paid
cash of $3.5 million under the awards. The Company
recognized $1.1 million, $1.4 million and
$7.9 million of expense under this award in the years ended
December 31, 2008, 2007 and 2006, respectively. The expense
is included in selling, general and administrative expenses in
the accompanying consolidated statements of income.
Performance-Contingent Phantom Stock Awards The Company awarded performance-contingent phantom stock to 11 of its executives in the third quarter of 2005. The awards allow participants to earn up to an aggregate of 505,200 units, to be paid out in a combination of cash and stock upon attainment of certain levels of stock price and EBITDA, as defined by the Company. Under Statement No. 123R, the cash portion of the plan is accounted for as a liability, based on the estimated payout under the awards. The stock portion is recorded utilizing the grant-date fair value of the award, based on a lattice model valuation. During the year ended December 31, 2008, certain of the stock price and EBITDA performance measurements were satisfied under the plan, and the Company issued 0.2 million shares of common stock and paid cash of $3.5 million under the awards. The Company recognized $1.1 million, $1.4 million and $7.9 million of expense under this award in the years ended December 31, 2008, 2007 and 2006, respectively. The expense is included in selling, general and administrative expenses in the accompanying consolidated statements of income. These excerpts taken from the ACI 10-K filed Feb 29, 2008. Performance-Contingent
Phantom Stock Awards
The Company awarded performance-contingent phantom stock to 11
of its executives in the third quarter of 2005. The awards allow
participants to earn up to an aggregate of 505,200 units,
to be paid out in a
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NOTES TO
CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
combination of cash and stock upon attainment of certain levels
of stock price and EBITDA, as defined by the Company. Under
Statement No. 123R, the cash portion of the plan is
accounted for as a liability, based on the estimated payout
under the awards. The stock portion is recorded utilizing the
grant-date fair value of the award, based on a lattice model
valuation. During the year ended December 31, 2007, certain
of the stock price and EBITDA performance measurements were
satisfied under the plan, and the Company issued
180,997 shares of common stock and paid cash of
$2.6 million under the awards. As of December 31,
2007, a maximum of 252,600 remain available, and the Company
expects the majority to be paid out in the first quarter of
2008. The Company recognized $1.4 million,
$7.9 million and $4.5 million of expense under this
award in the years ended December 31, 2007, 2006 and 2005,
respectively. The expense is included in selling, general and
administrative expenses in the accompanying Consolidated
Statements of Income.
On January 14, 2004, the Company granted an award of
441,532 shares of performance-contingent phantom stock that
vested in the event the Company’s stock price reached an
average pre-established price over a period of 20 consecutive
trading days within five years following the date of grant. On
March 3, 2005, the price contingency discussed above was
met, and the award was paid in a combination of Company stock
($7.3 million) and cash ($2.6 million). As such, the
Company recognized a $9.9 million charge as a component of
selling, general and administrative expense ($9.1 million)
and cost of coal sales ($0.8 million) in the accompanying
Consolidated Statements of Income.
Performance-Contingent Phantom Stock Awards The Company awarded performance-contingent phantom stock to 11 of its executives in the third quarter of 2005. The awards allow participants to earn up to an aggregate of 505,200 units, to be paid out in a
Table of ContentsNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) combination of cash and stock upon attainment of certain levels of stock price and EBITDA, as defined by the Company. Under Statement No. 123R, the cash portion of the plan is accounted for as a liability, based on the estimated payout under the awards. The stock portion is recorded utilizing the grant-date fair value of the award, based on a lattice model valuation. During the year ended December 31, 2007, certain of the stock price and EBITDA performance measurements were satisfied under the plan, and the Company issued 180,997 shares of common stock and paid cash of $2.6 million under the awards. As of December 31, 2007, a maximum of 252,600 remain available, and the Company expects the majority to be paid out in the first quarter of 2008. The Company recognized $1.4 million, $7.9 million and $4.5 million of expense under this award in the years ended December 31, 2007, 2006 and 2005, respectively. The expense is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Income. On January 14, 2004, the Company granted an award of 441,532 shares of performance-contingent phantom stock that vested in the event the Company’s stock price reached an average pre-established price over a period of 20 consecutive trading days within five years following the date of grant. On March 3, 2005, the price contingency discussed above was met, and the award was paid in a combination of Company stock ($7.3 million) and cash ($2.6 million). As such, the Company recognized a $9.9 million charge as a component of selling, general and administrative expense ($9.1 million) and cost of coal sales ($0.8 million) in the accompanying Consolidated Statements of Income. This excerpt taken from the ACI 10-K filed Mar 1, 2007. Performance-Contingent
Phantom Stock Awards |
The Company awarded performance-contingent phantom stock to 11
of its executives in the third quarter of 2005. The awards allow
participants to earn up to an aggregate of 505,200 units,
to be paid out in both cash and stock upon attainment of certain
levels of stock price and EBITDA, as defined by the Company.
Under Statement No. 123R, the cash portion of the plan is
accounted for as a liability, based on the estimated payout
under the awards. The stock portion is recorded utilizing the
grant-date fair value of the award, based on a lattice model
valuation. The Company met the EBITDA target in the third
quarter of 2006 and estimates meeting the stock price target in
2007 and issuing the maximum 505,200 units under the plan.
The Company recognized $7.9 million and $4.5 million
of expense related to this award in the years ended
December 31, 2006 and 2005, respectively. The expense is
included in selling, general and administrative expenses in the
accompanying Consolidated Statements of Income.
On January 14, 2004, the Company granted an award of
441,532 shares of performance-contingent phantom stock that
vested in the event the Company’s stock price reached an
average pre-established price over a period of 20 consecutive
trading days within five years following the date of grant. On
March 3, 2005, the price contingency discussed above was
met, and the award was paid in a combination of Company stock
($7.3 million) and cash ($2.6 million). As such, the
Company recognized a $9.9 million charge as a component of
selling, general and administrative expense ($9.1 million)
and cost of coal sales ($0.8 million) in the accompanying
Consolidated Statements of Income.
F-41
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
| 18. | Risk Concentrations |
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