BCSI » Topics » Restricted Stock and Restricted Stock Units

This excerpt taken from the BCSI DEF 14A filed Sep 8, 2009.

Restricted Stock and Restricted Stock Units

The Company also grants restricted stock awards and restricted stock units (which do not have an exercise price). The Company’s use of restricted stock awards and restricted stock units, or full value awards, conserves shares available for issuance under its equity plans and reduces the potential dilution of its stockholders, as typically fewer shares are awarded under a full value award than under an option grant. Such awards are subject to forfeiture if the holder’s employment with the Company is terminated and, with the exception of performance-based awards, typically vest over a four year period on either a quarterly or an annual basis. The Company believes that full value awards are an effective retention tool and provide an incentive to increase the Company’s stock price.

These excerpts taken from the BCSI 10-K filed Jun 22, 2009.

Restricted Stock Units

Restricted stock units, which primarily includes those assumed upon the Packeteer acquisition, and related changes during fiscal 2009 were as follows:

 

     Restricted Stock
Units
    Weighted Average
Grant Date Fair Value

Balance at April 30, 2008

   5,000     $ 26.69

Assumed in connection with acquisition of Packeteer

   301,830     $ 18.57

Vested

   (59,847 )   $ 18.71

Cancelled

   (120,698 )   $ 18.57
        

Balance at April 30, 2009

   126,285     $   18.82
        

The total fair value of restricted stock units vested during the fiscal year ended April 30, 2009 was $1.1 million.

 

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Restricted Stock Units

Restricted stock units, which primarily includes those assumed upon the Packeteer acquisition, and related changes during fiscal 2009
were as follows:

 











































































   Restricted Stock
Units
  Weighted Average
Grant Date Fair Value

Balance at April 30, 2008

  5,000  $26.69

Assumed in connection with acquisition of Packeteer

  301,830  $18.57

Vested

  (59,847) $18.71

Cancelled

  (120,698) $18.57
     

Balance at April 30, 2009

  126,285  $  18.82
     

The total fair value of restricted stock units vested during the fiscal year ended April 30,
2009 was $1.1 million.

 


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