BOH » Topics » Restricted Stock

These excerpts taken from the BOH 10-K filed Feb 25, 2009.

Restricted Stock

Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. Generally, Restricted Stock vests over periods ranging from three to ten years from the date of grant, although accelerated vesting was provided for in certain grants, based on the attainment of defined Company performance measures. The Company recognizes compensation expense, measured as the quoted market price of the Parent's common stock on the date of grant, on a straight-line basis over the vesting period for service period vesting, plus additional recognition of the costs associated with accelerated vesting based upon projected attainment of Company performance measures. Restricted Stock is forfeited if an employee terminates prior to vesting.

As of December 31, 2008, unrecognized compensation cost related to unvested Restricted Stock was $5.4 million. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.7 years.

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Table of Contents

The grant date fair value of restricted stock that vested and the weighted average grant date fair value of restricted stock granted are presented in the following table for the years ended December 31, 2008, 2007, and 2006.

 
  2008
  2007
  2006
 
   

Grant Date Fair Value of Restricted Stock Vested During the Year (in thousands)

  $ 5,756   $ 3,906   $ 4,339  

Weighted Average Grant Date Fair Value of Restricted Stock Granted During the Year

    51.34     52.12     53.38  

The following table presents the activity for Restricted Stock for the year ended December 31, 2008.

Number of SharesWeighted Average Grant-
Date Fair Value

   
   
 
   

Unvested as of December 31, 2007

    313,817   $ 49.03  

Granted

    23,055     51.34  

Vested

    (128,377 )   44.84  

Forfeited

    (8,285 )   53.41  
   

Unvested as of December 31, 2008

    200,210     51.81  
   

Restricted Stock



Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance
measures. During the restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. Generally, Restricted Stock vests over periods ranging from three to ten
years from the date of grant, although accelerated vesting was provided for in certain grants, based on the attainment of defined Company performance measures. The Company recognizes compensation
expense, measured as the quoted market price of the Parent's common stock on the date of grant, on a straight-line basis over the vesting period for service period vesting, plus additional
recognition of the costs associated with accelerated vesting based upon projected attainment of Company performance measures. Restricted Stock is forfeited if an employee terminates prior to vesting.



As
of December 31, 2008, unrecognized compensation cost related to unvested Restricted Stock was $5.4 million. The unrecognized compensation cost is expected to be recognized over a
weighted average period of 2.7 years.



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HREF="#bg73601a_main_toc">Table of Contents



The
grant date fair value of restricted stock that vested and the weighted average grant date fair value of restricted stock granted are presented in the following table for the years ended
December 31, 2008, 2007, and 2006.



























































 
 2008
 2007
 2006
 
  

Grant Date Fair Value of Restricted Stock Vested During the Year (in thousands)

 $5,756 $3,906 $4,339 

Weighted Average Grant Date Fair Value of Restricted Stock Granted During the Year

  51.34  52.12  53.38 




The following table presents the activity for Restricted Stock for the year ended December 31, 2008.






















































































Number of SharesWeighted Average Grant-

Date Fair Value

  
  
 
  

Unvested as of December 31, 2007

  313,817 $49.03 

Granted

  23,055  51.34 

Vested

  (128,377) 44.84 

Forfeited

  (8,285) 53.41 
  

Unvested as of December 31, 2008

  200,210  51.81 
  




These excerpts taken from the BOH 10-K filed Feb 25, 2008.

Restricted Stock

Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. Generally, Restricted Stock vests over periods ranging from three to ten years from the date of grant, although accelerated vesting was provided for in certain grants, based on the attainment of defined Company performance measures. The Company recognizes compensation expense, measured as the quoted market price of the Restricted Stock on the date of grant, on a straight-line basis over the vesting period for service period vesting, plus additional recognition of the costs associated with accelerated vesting based upon projected attainment of Company performance measures. Restricted Stock is forfeited if an employee terminates prior to vesting.

As of December 31, 2007, unrecognized compensation cost related to unvested Restricted Stock was $9.6 million. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.7 years.

The grant date fair value of restricted stock that vested and the weighted average grant date fair value of restricted stock granted are presented in the following table for the years ended December 31, 2007, 2006, and 2005.

 
  2007
  2006
  2005

Grant Date Fair Value of Restricted Stock Vested During the Year (in thousands)   $ 3,906   $ 4,339   $ 5,168
Weighted Average Grant Date Fair Value of Restricted Stock Granted During the Year     52.12     53.38     50.42

The following table presents the activity for Restricted Stock for the year ended December 31, 2007.

 
  Number of Shares
  Weighted Average Grant-
Date Fair Value


Unvested as of December 31, 2006   240,567   $ 44.07
Granted   214,750     52.12
Vested   (90,286 )   43.27
Forfeited   (51,214 )   49.50

Unvested as of December 31, 2007   313,817   $ 49.03

Restricted Stock



Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the
restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. Generally, Restricted Stock vests over periods ranging from three to ten years from the date
of grant, although accelerated vesting was provided for in certain grants, based on the attainment of defined Company performance measures. The Company recognizes compensation expense, measured as the
quoted market price of the Restricted Stock on the date of grant, on a straight-line basis over the vesting period for service period vesting, plus additional recognition of the costs
associated with accelerated vesting based upon projected attainment of Company performance measures. Restricted Stock is forfeited if an employee terminates prior to vesting.



As
of December 31, 2007, unrecognized compensation cost related to unvested Restricted Stock was $9.6 million. The unrecognized compensation cost is expected to be recognized over a
weighted average period of 2.7 years.




The
grant date fair value of restricted stock that vested and the weighted average grant date fair value of restricted stock granted are presented in the following table for the years ended
December 31, 2007, 2006, and 2005.









































 
 2007
 2006
 2005

Grant Date Fair Value of Restricted Stock Vested During the Year (in thousands) $3,906 $4,339 $5,168
Weighted Average Grant Date Fair Value of Restricted Stock Granted During the Year  52.12  53.38  50.42




The following table presents the activity for Restricted Stock for the year ended December 31, 2007.





























































 
 Number of Shares
 Weighted Average Grant-

Date Fair Value


Unvested as of December 31, 2006 240,567 $44.07
Granted 214,750  52.12
Vested (90,286) 43.27
Forfeited (51,214) 49.50

Unvested as of December 31, 2007 313,817 $49.03





This excerpt taken from the BOH 10-K filed Feb 22, 2007.

Restricted Stock

Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. The Restricted Stock vests over periods ranging from three to ten years from the date of grant, although accelerated vesting was provided for in certain grants, based on the attainment of defined Company performance measures. The Company recognizes compensation expense, measured as the quoted market price of the Restricted Stock on the date of grant, on a straight-line basis over the vesting period for service period vesting, plus additional recognition of the costs associated with accelerated vesting based upon projected attainment of Company performance measures. Restricted Stock is forfeited if an employee terminates prior to vesting.

As of December 31, 2006, unrecognized compensation cost related to unvested Restricted Stock was $6.5 million. The unrecognized compensation cost is expected to be recognized over a weighted average period of 2.1 years. The total grant date fair value of Restricted Stock which vested was $4.3 million, $5.2 million, and $8.1 million, for the years ended December 31, 2006, 2005, and 2004, respectively.

The following table presents the activity for Restricted Stock for the year ended December 31, 2006.

 

Number of Shares

 

Weighted Average
Grant-Date Fair Value

 

Unvested as of December 31, 2005

 

306,747

 

$

41.36

 

Granted

 

55,575

 

 

53.38

 

Vested

 

(102,548

)

 

42.25

 

Forfeited

 

(19,207

)

 

37.41

 

Unvested as of December 31, 2006

 

240,567

 

$

44.07

 

 

This excerpt taken from the BOH 10-Q filed Apr 26, 2006.

Restricted Stock

 

Restricted Stock provides grantees with rights to shares of common stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. The Restricted Stock vests over periods ranging from three to ten years from date of grant, although accelerated vesting was provided in certain grants, based on attainment of defined Company performance measures. The Company recognizes compensation expense, measured as the quoted market price of the Restricted Stock on the grant date, on a straight-line basis over the vesting period for service period vesting, plus additional recognition of the cost associated with accelerated vesting based upon projected attainment of the performance measures. Restricted Stock is cancelled if an employee terminates prior to the vesting of the stock.

 

As of March 31, 2006, unrecognized compensation cost related to unvested restricted stock totaled $11.6 million. The cost is expected to be recognized over a weighted average period of 2.8 years. The total grant date fair value of shares vested during the three months ended March 31, 2006 and 2005 was $4.0 million and $5.1 million, respectively.

 

10



 

The following table presents the activity for Restricted Stock for the three months ended March 31, 2006.

 

 

 

Number of Shares

 

Weighted Average
Grant-Date Fair Value

 

Unvested as of December 31, 2005

 

354,247

 

$

42.61

 

Granted

 

32,075

 

53.27

 

Vested

 

(95,298

)

41.66

 

Forfeited

 

(1,100

)

47.86

 

Unvested as of March 31, 2006

 

289,924

 

$

44.51

 

 

This excerpt taken from the BOH 10-K filed Feb 28, 2006.

Restricted Stock

Restricted Stock provides grantees with rights to shares of stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. The Restricted Stock vests over periods ranging from three to ten years from date of grant, although accelerated vesting was provided in certain grants, based on attainment of defined Company performance measures. The Company recognizes compensation expense, measured as the quoted market price of the Restricted Stock on the grant date, on a straight-line basis over the vesting period for service period vesting, plus additional recognition of the cost associated with accelerated vesting based upon projected attainment of the

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performance measures. The unamortized compensation is shown as a separate component of shareholders' equity. Restricted Stock is cancelled if an employee terminates prior to the vesting of the stock. Total compensation expense recognized by the Company for Restricted Stock was $4.2 million, $5.6 million and $5.8 million in 2005, 2004 and 2003, respectively.

The following table presents the activity for Restricted Stock for the years ended December 31, 2005, 2004 and 2003.

 
  Number of Shares
  Weighted Average Price

Balance as of December 31, 2002   558,100    
  Granted   391,200   $    34.53
  Vested   (204,500 )  
  Forfeited   (63,000 )  

Balance as of December 31, 2003   681,800    
  Granted   80,556   $    42.05
  Vested   (364,400 )  
  Forfeited   (22,125 )  

Balance as of December 31, 2004   375,831    
  Granted   127,250   $    50.42
  Vested   (131,210 )  
  Forfeited   (17,624 )  

Balance Unvested as of December 31, 2005   354,247    

Approximately 39,000 shares of Restricted Stock vested in January 2006 due to the achievement of certain Company performance targets in 2005.

This excerpt taken from the BOH 10-K filed Feb 28, 2005.

Restricted Stock

Restricted Stocks provide grantees with rights to shares of stock upon completion of a service period or achievement of Company performance measures. During the restriction period, all shares are considered outstanding and dividends are paid on the Restricted Stock. The Restricted Stock vests over periods of three to ten years from date of grant, although accelerated vesting was provided in certain grants, based on attainment of defined performance measures. The Company recognizes compensation expense, measured as the quoted market price of the Restricted Stock on the grant date, on a straight-line basis over the vesting period, with recognition of the cost associated with accelerated vesting based upon projected attainment of the performance measures. The unearned compensation is shown as a separate component of shareholders' equity. Restricted Stock is cancelled if an employee terminates prior to the vesting of the stock. Total compensation expense recognized by the Company for Restricted Stock was $5.6 million, $5.8 million and $3.6 million in 2004, 2003 and 2002, respectively.

The following table presents the activity for Restricted Stock for the years ended December 31, 2004, 2003 and 2002.

 
  Number of Shares
  Weighted Average Price

Outstanding as of January 1, 2001   667,400    
  Granted   10,000   $    28.20
  Vested   (17,700 )  
  Forfeited   (101,600 )  

Balance as of December 31, 2002   558,100    
  Granted   391,200   $    34.53
  Vested   (282,800 )  
  Forfeited   (63,000 )  

Balance as of December 31, 2003   603,500    
  Granted   80,556   $    42.05
  Vested   (359,528 )  
  Forfeited   (22,125 )  

Balance as of December 31, 2004   302,403    

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