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These excerpts taken from the CBZ 10-K filed Mar 17, 2008. Restricted
Stock Awards
Under the 2002 Stock Incentive Plan, certain employees and
non-employee directors were granted restricted stock awards.
Restricted stock awards are independent of option grants, and
are granted at no cost to the recipients. The awards are subject
to forfeiture if employment terminates prior to the release of
restrictions, generally one to five years from the date of
grant. Recipients of restricted stock awards are entitled to the
same dividend and voting rights as holders of other CBIZ common
stock and the awards are considered to be issued and outstanding
from the date of grant. Shares granted under the plan cannot be
sold, pledged, transferred or assigned during the vesting period.
CBIZ, INC
AND SUBSIDIARIES
NOTES TO
THE CONSOLIDATED FINANCIAL
STATEMENTS — (Continued)
Restricted stock award activity during the year ended
December 31, 2007 was as follows:
At December 31, 2007, CBIZ had unrecognized compensation
cost for restricted stock awards of $2.2 million to be
recognized over a weighted average period of approximately
2.0 years. The total fair value of shares vested during the
years ended December 31, 2007, 2006 and 2005 was
approximately $521,000, $91,000 and $48,000, respectively.
The market value of shares awarded during 2007, 2006 and 2005
was $1.8 million, $1.2 million, and $0.5 million,
respectively. This market value was recorded as unearned
compensation and is being expensed ratably over the periods
which the restrictions lapse. Awards outstanding at
December 31, 2007 will be released from restrictions at
dates ranging from February 2008 through May 2011.
Restricted Stock Awards Under the 2002 Stock Incentive Plan, certain employees and non-employee directors were granted restricted stock awards. Restricted stock awards are independent of option grants, and are granted at no cost to the recipients. The awards are subject to forfeiture if employment terminates prior to the release of restrictions, generally one to five years from the date of grant. Recipients of restricted stock awards are entitled to the same dividend and voting rights as holders of other CBIZ common stock and the awards are considered to be issued and outstanding from the date of grant. Shares granted under the plan cannot be sold, pledged, transferred or assigned during the vesting period.
CBIZ, INC AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Restricted stock award activity during the year ended December 31, 2007 was as follows:
At December 31, 2007, CBIZ had unrecognized compensation cost for restricted stock awards of $2.2 million to be recognized over a weighted average period of approximately 2.0 years. The total fair value of shares vested during the years ended December 31, 2007, 2006 and 2005 was approximately $521,000, $91,000 and $48,000, respectively. The market value of shares awarded during 2007, 2006 and 2005 was $1.8 million, $1.2 million, and $0.5 million, respectively. This market value was recorded as unearned compensation and is being expensed ratably over the periods which the restrictions lapse. Awards outstanding at December 31, 2007 will be released from restrictions at dates ranging from February 2008 through May 2011. | EXCERPTS ON THIS PAGE:
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