COG » Topics » Restricted Stock Units

This excerpt taken from the COG 10-Q filed Apr 30, 2009.

Restricted Stock Units

During the quarter ended March 31, 2009, 33,150 restricted stock units were granted to non-employee directors of the Company with a grant date per share value of $22.63. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company. The compensation cost, which reflects the total fair value of these units, recorded in the first quarter of 2009 and 2008 was $0.8 million in each period.

This excerpt taken from the COG 10-K filed Feb 27, 2009.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company. Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has been omitted from the table below.

 

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Table of Contents
Index to Financial Statements

The following table is a summary of restricted stock unit activity for the year ended December 31, 2008:

 

Restricted Stock Units

   Shares     Weighted-
Average Grant
Date Fair
Value per
share
   Aggregate
Intrinsic Value
(in thousands)(1)

Outstanding at December 31, 2007

   85,052     $ 23.97   

Granted and fully vested

   16,565       49.17   

Issued

   (19,602 )     26.02   

Forfeited

   —         —     
           

Outstanding at December 31, 2008

   82,015     $ 28.57    $ 2,132
                   

 

(1)

The intrinsic value of restricted stock units is calculated by multiplying the closing market price of the Company’s stock on December 31, 2008 by the number of outstanding restricted stock units.

As shown in the table above, 16,565 restricted stock units were granted during 2008. During 2007, 24,654 restricted stock units were granted with a weighted-average grant date fair value per share of $35.49. During 2006, 34,440 restricted stock units were granted with a weighted-average grant date fair value per share of $25.41.

The compensation cost, which reflects the total fair value of these units, recorded in 2008 was $0.8 million. Compensation expense recorded during the years ended December 31, 2007 and 2006 for restricted stock units was $0.9 million for both years.

This excerpt taken from the COG 10-Q filed Nov 3, 2008.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company.

During the nine months ended September 30, 2008, 16,565 restricted stock units were granted with a grant date per share value of $49.17, and 19,602 restricted stock units were issued to a retiring director with a weighted-average grant date per share value of $26.02. The compensation cost, which reflects the total fair value of these units, recorded in the first nine months of 2008 was $0.8 million. During the first nine months of 2007, the Company recorded $0.9 million of expense related to restricted stock units. No expense was recorded in either the third quarter of 2008 or 2007.

This excerpt taken from the COG 10-Q filed Jul 30, 2008.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company.

During the first half of 2008, 15,360 restricted stock units were granted with a grant date per share value of $48.96, and 19,602 restricted stock units were issued to a retiring director with a grant date per share value of $26.02. The compensation cost, which reflects the total fair value of these units, recorded in the first half of 2008 was $0.8 million. During the first half of 2007, the Company recorded $0.9 million of expense related to restricted stock units.

This excerpt taken from the COG 10-Q filed May 5, 2008.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company.

During the first three months of 2008, 15,360 restricted stock units were granted with a grant date per share value of $48.96. The compensation cost, which reflects the total fair value of these units, recorded in the first quarter of 2008 was $0.8 million. During the first quarter of 2007, the Company recorded $0.9 million of expense related to restricted stock units.

This excerpt taken from the COG 10-K filed Feb 27, 2008.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company. Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has been omitted from the table below.

 

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Table of Contents
Index to Financial Statements

The following table is a summary of restricted stock unit activity for the year ended December 31, 2007:

 

Restricted Stock Units

   Shares     Weighted-
Average Grant
Date Fair Value
per share
   Aggregate
Intrinsic Value
(in thousands) (1)

Outstanding at December 31, 2006

   77,440     $ 19.99   

Granted and fully vested

   24,654       35.49   

Issued

   (17,042 )     22.57   

Forfeited

   —         —     
           

Outstanding at December 31, 2007

   85,052     $ 23.97    $ 3,434
                   

 

(1)

The intrinsic value of restricted stock units is calculated by multiplying the closing market price of the Company’s stock on December 31, 2007 by the number of outstanding restricted stock units.

As shown in the table above, 24,654 restricted stock units were granted during 2007. During 2006, 34,440 restricted stock units were granted with a weighted-average grant date fair value per share of $25.41. During 2005, 39,200 restricted stock units were granted with a weighted-average grant date fair value per share of $17.79.

The compensation cost, which reflects the total fair value of these units, recorded entirely in the first quarter of 2007 was $0.9 million. Compensation expense recorded during the years ended December 31, 2006 and 2005 for restricted stock units was $0.9 million and $0.7 million, respectively.

This excerpt taken from the COG 10-Q filed Oct 29, 2007.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company.

During the first nine months of 2007, 24,654 restricted stock units were granted with a grant date per share value of $35.49. The compensation cost, which reflects the total fair value of these units, recorded in the first quarter of 2007 was $0.9 million. During the second quarter of 2006, the Company recorded $0.9 million of expense related to restricted stock units.

This excerpt taken from the COG 10-Q filed Jul 30, 2007.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company.

During the first half of 2007, 24,654 restricted stock units were granted with a grant date per share value of $35.49. The compensation cost, which reflects the total fair value of these units, recorded in the first quarter of 2007 was $0.9 million. During the second quarter of 2006, the Company recorded $0.9 million of expense related to restricted stock units.

This excerpt taken from the COG 10-Q filed May 2, 2007.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company.

During the first quarter of 2007, 24,654 restricted stock units were granted with a grant date per share value of $35.49. The compensation cost, which reflects the total fair value of these units, recorded in the first quarter of 2007 is $0.9 million. During the first three months of 2006, the Company did not have any expense related to restricted stock units.

This excerpt taken from the COG 10-K filed Feb 28, 2007.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company. Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has been omitted from the table below.

 

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Table of Contents
Index to Financial Statements

The following table is a summary of restricted stock unit activity for the year ended December 31, 2006:

 

Restricted Stock Units

   Shares     Weighted-
Average
Grant Date
Fair Value
per share
   Aggregate
Intrinsic Value
(in thousands) (1)

Outstanding at December 31, 2005

   30,100     $ 31.30   

Granted and fully vested

   17,220       50.82   

Issued

   (8,600 )     31.30   

Forfeited

   —         —     
           

Outstanding at December 31, 2006

   38,720     $ 39.98    $ 2,348
                   

 

(1)

The intrinsic value of restricted stock units is calculated by multiplying the closing market price of the Company’s stock on December 31, 2006 by the number of outstanding restricted stock units as of December 31, 2006.

As shown in the table above, 17,220 restricted stock units were granted during 2006. During 2005, 19,600 restricted stock units were granted with a weighted-average grant date fair value per share of $35.58. During 2004, 10,500 restricted stock units were granted with a weighted-average grant date fair value per share of $23.32.

The compensation cost, which reflects the total fair value of these units, recorded entirely in the second quarter of 2006 was $0.9 million. Compensation expense recorded during the years ended December 31, 2005 and 2004 for restricted stock units was $0.7 million and $0.2 million, respectively.

This excerpt taken from the COG 10-Q filed Oct 27, 2006.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company. Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has been omitted from the table below.

The following table is a summary of activity of restricted stock units for the nine months ended September 30, 2006:

 

Restricted Stock Units

   Shares     Weighted-
Average
Grant Date
Fair Value
per share
   Aggregate
Intrinsic Value
(in thousands) (1)

Outstanding at December 31, 2005

   30,100     $ 31.30   

Granted and fully vested

   17,220       50.82   

Issued

   (8,600 )     31.30   

Forfeited

   —         —     
           

Outstanding at September 30, 2006

   38,720     $ 39.98    $ 1,856
                   

(1) The intrinsic value of restricted stock units is calculated by multiplying the closing market price of the Company’s stock on September 30, 2006 by the number of outstanding restricted stock units as of September 30, 2006.

As shown in the table above, 17,220 restricted stock units were granted during the first nine months of 2006. The compensation cost, which reflects the total fair value of these units, recorded in the second quarter of 2006 is $0.9 million.

 

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Table of Contents
This excerpt taken from the COG 10-Q filed Jul 27, 2006.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company. Due to the immediate vesting of the units and the unknown term of each director, the weighted-average remaining contractual term in years has been omitted from the table below.

The following table is a summary of activity of restricted stock units as of June 30, 2006:

 

Restricted Stock Units

   Shares    Weighted-
Average
Grant
Date Fair
Value per
share
   Aggregate
Intrinsic
Value (in
thousands)

Outstanding at December 31, 2005

   30,100    $ 31.30   

Granted and fully vested

   17,220      50.82   

Issued

   8,600      31.30   

Forfeited

   —        —     
          

Outstanding at June 30, 2006

   38,720    $ 39.98    $ 1,897
                  

As shown in the table above, 17,220 restricted stock units were granted during the first half of 2006. The compensation cost, which reflects the total fair value of these units, recorded in the second quarter of 2006 is $0.9 million.

This excerpt taken from the COG 10-Q filed May 8, 2006.

Restricted Stock Units

Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of these units is measured at the average of the high and low stock price on grant date and compensation expense is recorded immediately. These units immediately vest and are paid out when the director ceases to be a director of the Company.

No restricted stock units were issued in the first quarter of 2006. Total shares granted and fully vested, but not yet issued, are 30,100 as of March 31, 2006. The weighted-average grant date fair value per share is $31.30. The aggregate intrinsic value of these awards is $1.4 million.

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