|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the DVN 10-K filed Jun 9, 2008. Restricted
Stock Awards and Units
Under Devon’s 2005 Long-Term Incentive Plan, restricted
stock awards and units are subject to the terms, conditions,
restrictions
and/or
limitations, if any, that the Compensation Committee deems
appropriate, including restrictions on continued employment.
Generally, restricted stock awards and units vest over a minimum
restriction period of at least three years from the date of
grant. During the vesting period, recipients of restricted stock
awards receive dividends that are not subject to restrictions or
other limitations. The fair value of restricted stock awards and
units on the date of grant is expensed over the applicable
vesting period.
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
Devon estimates the fair values of restricted stock awards and
units as the closing price of Devon’s common stock on the
grant date of the award or unit.
The following table presents a summary of Devon’s unvested
restricted stock awards as of December 31, 2007, including
changes during the year then ended.
The aggregate fair value of restricted stock awards that vested
during 2007, 2006 and 2005 was $136 million,
$82 million and $51 million, respectively. As of
December 31, 2007, Devon’s unrecognized compensation
cost related to unvested restricted stock awards and units was
$341 million. Such cost is expected to be recognized over a
weighted-average period of 2.8 years.
During 2006 and 2005, Devon reduced the carrying value of
certain of its oil and gas properties due to full cost ceiling
limitations and unsuccessful exploratory activities. A summary
of these reductions and additional discussion is provided below.
This excerpt taken from the DVN 10-K filed Feb 28, 2008. Restricted
Stock Awards and Units
Under Devon’s 2005 Long-Term Incentive Plan, restricted
stock awards and units are subject to the terms, conditions,
restrictions
and/or
limitations, if any, that the Compensation Committee deems
appropriate, including restrictions on continued employment.
Generally, restricted stock awards and units vest over a minimum
restriction period of at least three years from the date of
grant. During the vesting period, recipients of restricted stock
awards receive dividends that are not subject to restrictions or
other limitations. The fair value of restricted stock awards and
units on the date of grant is expensed over the applicable
vesting period.
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
Devon estimates the fair values of restricted stock awards and
units as the closing price of Devon’s common stock on the
grant date of the award or unit.
The following table presents a summary of Devon’s unvested
restricted stock awards as of December 31, 2007, including
changes during the year then ended.
The aggregate fair value of restricted stock awards that vested
during 2007, 2006 and 2005 was $136 million,
$82 million and $51 million, respectively. As of
December 31, 2007, Devon’s unrecognized compensation
cost related to unvested restricted stock awards and units was
$341 million. Such cost is expected to be recognized over a
weighted-average period of 2.8 years.
During 2006 and 2005, Devon reduced the carrying value of
certain of its oil and gas properties due to full cost ceiling
limitations and unsuccessful exploratory activities. A summary
of these reductions and additional discussion is provided below.
| EXCERPTS ON THIS PAGE:
RELATED TOPICS for DVN: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||
