|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the ENOC 10-Q filed May 8, 2009. Stock-Based Compensation
Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards, or SFAS, No. 123R, Share Based Payment, or SFAS No. 123(R), using the modified prospective method. SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. For the three months ended March 31, 2009 and 2008, we recorded expenses of approximately $2.8 million and $2.2 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through March 31, 2009, a future expense of non-vested options of approximately $19.6 million is expected to be recognized over a weighted average period of 2.5 years and a future expense of restricted stock awards of approximately $3.9 million is expected to be recognized over a weighted average period of 3.0 years. For stock options granted prior to January 1, 2009, the fair value of each option was estimated at the date of grant using a Black-Scholes option-pricing model and for stock options granted on or after January 1, 2009, the fair value of each option has been and will be estimated on the date of grant using a trinomial valuation model. Had we continued using the Black-Scholes option pricing model in 2009, stock-based compensation expense would not have been materially different for the three months ended March 31, 2009.
These excerpts taken from the ENOC 10-K filed Mar 16, 2009. Stock-Based Compensation Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards, or SFAS, No. 123R, Share Based Payment, or SFAS No. 123(R), using the modified prospective method. SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. For the years ended December 31, 2008, 2007 and 2006, we recorded expenses of approximately $10.4 million, $7.6 million and $0.4 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through December 31, 2008, a future expense of non-vested options of approximately $21.4 million is expected to be recognized over a weighted average period of 2.6 years and a future expense of restricted stock awards of approximately $3.1 million is expected to be recognized over a weighted average period of 2.9 years. Stock-Based Compensation Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards, or SFAS, No. 123R, Share Based Payment, or SFAS No. 123(R), using the modified prospective method. SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. For the years ended December 31, 2008, 2007 and 2006, we recorded expenses of approximately $10.4 million, $7.6 million and $0.4 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through December 31, 2008, a future expense of non-vested options of approximately $21.4 million is expected to be recognized over a weighted average period of 2.6 years and a future expense of restricted stock awards of approximately $3.1 million is expected to be recognized over a weighted average period of 2.9 years. Stock-Based Compensation Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards, or SFAS, No. 123R, Share Based Payment, Stock-Based Compensation Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards, or SFAS, No. 123R, Share Based Payment, Stock-Based Compensation We adopted SFAS No. 123(R) effective January 1, 2006. SFAS No. 123(R) requires nonpublic companies that used the minimum value method in SFAS No. 123 for either recognition or pro forma disclosures to apply SFAS No. 123(R) using the prospective-transition method. As such, we continue to apply Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees, to equity awards outstanding on the date we adopted SFAS No. 123(R) that were measured using the minimum value method. In accordance with SFAS No. 123(R), we recognize the compensation cost of stock-based awards on a straight-line basis over the vesting period of the award. Effective with our adoption of SFAS No. 123(R), we elected to use the Black-Scholes option pricing model to determine the weighted-average fair value of stock options granted on and after the date of adoption. As there was no public market for our common stock prior to the effective date of our IPO, we determined the volatility for options granted in 2008, 2007 and 2006 based on an analysis of reported data for a peer group of companies that issued options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies, as well as the historical volatility of our common stock beginning January 1, 2008. The expected volatility for options granted during 2008, 2007 and 2006 was 87%. The expected life of options has been determined utilizing the "simplified" method as prescribed by SAB No. 107, Share-Based Payment. The expected life of options granted during the year ended December 31, 2008 was 4.25-6.25 years. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. For 2008, the weighted-average risk free interest rate used was 2.9%. We have not paid and do not anticipate paying cash dividends on our shares of common stock; therefore, the expected dividend yield is assumed to be zero. In addition, SFAS No. 123(R) requires companies to utilize an estimated forfeiture rate when calculating the expense for the period, whereas SFAS No. 123 permitted companies to record forfeitures based on actual forfeitures, which was our historical policy under SFAS No. 123. As a result, we applied an estimated forfeiture rate of 10.0% for the years ended December 31, 2008, 2007 and 2006 in determining the expense recorded in the accompanying consolidated statements of operations. For the years ended December 31, 2008 and 2007, we recorded expenses of approximately $10.4 million and $7.6 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through December 31, 2008, a future expense of non-vested options of approximately $21.4 million is expected to be recognized over a weighted average period of 2.6 years and a future expense of restricted stock awards of approximately $3.1 million is expected to be recognized over a weighted average period of 2.9 years. For awards with graded vesting, we allocate compensation costs under SFAS No. 123(R) on a straight-line basis over the requisite service period. Accordingly, we amortized the fair value of each option over each option's service period, which is generally the vesting period. We account for stock options issued to non-employees in accordance with the provisions of SFAS No. 123 and EITF No. 96-18, Accounting for Equity Instruments that are Issued to Other than Employees, or in Conjunction with Selling Goods or Services, which requires valuing and remeasuring such stock options to the current fair value until the performance date has been reached. 67 Stock-Based Compensation We adopted SFAS No. 123(R) effective January 1, 2006. SFAS No. 123(R) requires nonpublic companies that used the minimum value method in SFAS No. 123 for either recognition or pro forma disclosures to apply SFAS No. 123(R) using the prospective-transition method. As such, we continue to apply Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees, to equity awards outstanding on the date we adopted SFAS No. 123(R) that were measured using the minimum value method. In accordance with SFAS No. 123(R), we recognize the compensation cost of stock-based awards on a straight-line basis over the vesting period of the award. Effective with our adoption of SFAS No. 123(R), we elected to use the Black-Scholes option pricing model to determine the weighted-average fair value of stock options granted on and after the date of adoption. As there was no public market for our common stock prior to the effective date of our IPO, we determined the volatility for options granted in 2008, 2007 and 2006 based on an analysis of reported data for a peer group of companies that issued options with substantially similar terms. The expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies, as well as the historical volatility of our common stock beginning January 1, 2008. The expected volatility for options granted during 2008, 2007 and 2006 was 87%. The expected life of options has been determined utilizing the "simplified" method as prescribed by SAB No. 107, Share-Based Payment. The expected life of options granted during the year ended December 31, 2008 was 4.25-6.25 years. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. For 2008, the weighted-average risk free interest rate used was 2.9%. We have not paid and do not anticipate paying cash dividends on our shares of common stock; therefore, the expected dividend yield is assumed to be zero. In addition, SFAS No. 123(R) requires companies to utilize an estimated forfeiture rate when calculating the expense for the period, whereas SFAS No. 123 permitted companies to record forfeitures based on actual forfeitures, which was our historical policy under SFAS No. 123. As a result, we applied an estimated forfeiture rate of 10.0% for the years ended December 31, 2008, 2007 and 2006 in determining the expense recorded in the accompanying consolidated statements of operations. For the years ended December 31, 2008 and 2007, we recorded expenses of approximately $10.4 million and $7.6 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through December 31, 2008, a future expense of non-vested options of approximately $21.4 million is expected to be recognized over a weighted average period of 2.6 years and a future expense of restricted stock awards of approximately $3.1 million is expected to be recognized over a weighted average period of 2.9 years. For awards with graded vesting, we allocate compensation costs under SFAS No. 123(R) on a straight-line basis over the requisite service period. Accordingly, we amortized the fair value of each option over each option's service period, which is generally the vesting period. We account for stock options issued to non-employees in accordance with the provisions of SFAS No. 123 and EITF No. 96-18, Accounting for Equity Instruments that are Issued to Other than Employees, or in Conjunction with Selling Goods or Services, which requires valuing and remeasuring such stock options to the current fair value until the performance date has been reached. 67 Stock-Based Compensation We adopted SFAS No. 123(R) effective January 1, 2006. SFAS No. 123(R) requires nonpublic companies that used the minimum value method As For For We 67 Stock-Based Compensation We adopted SFAS No. 123(R) effective January 1, 2006. SFAS No. 123(R) requires nonpublic companies that used the minimum value method As For For We 67 Stock-Based Compensation As of December 31, 2008, the Company had one stock-based compensation plan, which is more fully described in Note 10 below. Through December 31, 2005, the Company accounted for its stock-based awards to employees using the intrinsic value method prescribed in Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations. Under the intrinsic value method, compensation expense was measured on the date of grant as the difference between the deemed fair value of the Company's common stock and the stock option exercise price or restricted stock award purchase price multiplied by the number of stock options or restricted stock awards granted. Generally, the Company grants stock-based awards with exercise prices equal to the estimated fair value of its common stock; however, to the extent that the deemed fair value of the common stock exceeded the exercise or purchase price of stock-based awards granted to employees on the date of grant, the Company amortized the expense over the vesting schedule of the awards, generally four years. On January 1, 2006, the Company adopted SFAS No. 123(R), Share Based Payment, which is a revision of SFAS No. 123. SFAS No. 123(R) supersedes APB Opinion No. 25. SFAS No. 123(R) F-13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Continued) requires nonpublic companies that used the minimum value method in SFAS No. 123 for either recognition or pro forma disclosures to apply SFAS No. 123(R) using the prospective-transition method. As such, the Company continues to apply APB Opinion No. 25 to equity awards outstanding at the date of SFAS No. 123(R)'s adoption that were measured using the minimum value method. Effective with the adoption of SFAS No. 123(R), the Company elected to use the Black-Scholes option pricing model to determine the weighted average fair value of stock options granted. In March 2005, the Securities and Exchange Commission (SEC) issued SAB No. 107, Share-Based Payment, relating to SFAS No. 123(R). The Company has applied applicable provisions of SAB No. 107 in its adoption of SFAS No. 123(R). In accordance with SFAS No. 123(R), the Company recognizes the compensation cost of stock-based awards on a straight-line basis over the vesting period of the award. Stock based compensation to employees for the years ended December 31, 2008, 2007 and 2006 was $10,377, $7,318 and $303, respectively (See Note 10). The Company accounts for transactions in which services are received from non-employees in exchange for equity instruments based on the fair value of such services received or of the equity instruments issued, whichever is more reliably measured, in accordance with SFAS No. 123, Accounting for Stock-Based Compensation, and EITF No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction With Selling, Goods or Services. During the years ended December 31, 2008, 2007 and 2006, the Company recognized $62, $279 and $64, respectively, of stock-based compensation to non-employees. Stock-Based Compensation As of December 31, 2008, the Company had one stock-based compensation plan, which is more fully described in Note 10 below. Through December 31, 2005, the Company accounted for its stock-based awards to employees using the intrinsic value method prescribed in Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations. Under the intrinsic value method, compensation expense was measured on the date of grant as the difference between the deemed fair value of the Company's common stock and the stock option exercise price or restricted stock award purchase price multiplied by the number of stock options or restricted stock awards granted. Generally, the Company grants stock-based awards with exercise prices equal to the estimated fair value of its common stock; however, to the extent that the deemed fair value of the common stock exceeded the exercise or purchase price of stock-based awards granted to employees on the date of grant, the Company amortized the expense over the vesting schedule of the awards, generally four years. On January 1, 2006, the Company adopted SFAS No. 123(R), Share Based Payment, which is a revision of SFAS No. 123. SFAS No. 123(R) supersedes APB Opinion No. 25. SFAS No. 123(R) F-13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Continued) requires nonpublic companies that used the minimum value method in SFAS No. 123 for either recognition or pro forma disclosures to apply SFAS No. 123(R) using the prospective-transition method. As such, the Company continues to apply APB Opinion No. 25 to equity awards outstanding at the date of SFAS No. 123(R)'s adoption that were measured using the minimum value method. Effective with the adoption of SFAS No. 123(R), the Company elected to use the Black-Scholes option pricing model to determine the weighted average fair value of stock options granted. In March 2005, the Securities and Exchange Commission (SEC) issued SAB No. 107, Share-Based Payment, relating to SFAS No. 123(R). The Company has applied applicable provisions of SAB No. 107 in its adoption of SFAS No. 123(R). In accordance with SFAS No. 123(R), the Company recognizes the compensation cost of stock-based awards on a straight-line basis over the vesting period of the award. Stock based compensation to employees for the years ended December 31, 2008, 2007 and 2006 was $10,377, $7,318 and $303, respectively (See Note 10). The Company accounts for transactions in which services are received from non-employees in exchange for equity instruments based on the fair value of such services received or of the equity instruments issued, whichever is more reliably measured, in accordance with SFAS No. 123, Accounting for Stock-Based Compensation, and EITF No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction With Selling, Goods or Services. During the years ended December 31, 2008, 2007 and 2006, the Company recognized $62, $279 and $64, respectively, of stock-based compensation to non-employees. Stock-Based Compensation As of December 31, 2008, the Company had one stock-based compensation plan, which is more fully described in Note 10 below. On F-13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Continued) requires Effective The Stock-Based Compensation As of December 31, 2008, the Company had one stock-based compensation plan, which is more fully described in Note 10 below. On F-13
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Continued) requires Effective The This excerpt taken from the ENOC 10-Q filed Nov 13, 2008. Stock-Based Compensation
Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards (SFAS) No. 123R, Share Based Payment (SFAS No. 123(R)) using the modified prospective method. SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. For the three and nine months ended September 30, 2008, we recorded expenses of approximately $2.5 million and $7.4 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through September 30, 2008, a future expense of non-vested options of approximately $21.3 million is expected to be recognized over a weighted average period of 2.8 years and a future expense of restricted stock awards of approximately $3.3 million is expected to be recognized over a weighted average period of 3.2 years.
This excerpt taken from the ENOC 10-Q filed Aug 13, 2008. Stock-Based Compensation
Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards (SFAS) No. 123R, Share Based Payment (SFAS No. 123(R)) using the modified prospective method. SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. For the three and six months ended June 30, 2008, we recorded expenses of approximately $2.7 million and $4.9 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through June 30, 2008, a future expense of non-vested options of approximately $23.4 million is expected to be recognized over a weighted average period of 3.0 years and a future expense of restricted stock awards of approximately $3.5 million is expected to be recognized over a weighted average period of 3.4 years.
This excerpt taken from the ENOC 10-Q filed May 13, 2008. Stock-Based Compensation
Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards (SFAS) No. 123R, Share Based Payment (SFAS No. 123(R)) using the modified prospective method. SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. For the three months ended March 31, 2008 and 2007, we recorded expenses of approximately $2.2 million and $0.6 million, respectively, in connection with share-based payment awards to employees and non-employees. With respect to grants through March 31, 2008, a future expense of non-vested options of approximately $24.7 million is expected to be recognized over a weighted average period of 3.3 years and a future expense of restricted stock awards of approximately $3.8 million is expected to be recognized over a weighted average period of 3.6 years.
These excerpts taken from the ENOC 10-K filed Mar 28, 2008. Stock-Based Compensation As of December 31, 2007, the Company had one stock-based compensation plan, which is more fully described in Note 11. Through December 31, 2005, the Company accounted for its stock-based awards to employees using the intrinsic value method prescribed in Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and related interpretations. Under the intrinsic value method, compensation expense was measured on the date of grant as the difference between the deemed fair value of the Company's common stock and the stock option exercise price or restricted stock award purchase price multiplied by the number of stock options or restricted stock F-12 EnerNOC, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Continued) awards granted. Generally, the Company grants stock-based awards with exercise prices equal to the estimated fair value of its common stock; however, to the extent that the deemed fair value of the common stock exceeds the exercise or purchase price of stock-based awards granted to employees on the date of grant, the Company amortizes the expense over the vesting schedule of the awards, generally four years. On January 1, 2006, the Company adopted SFAS No. 123(R), which is a revision of SFAS No. 123. SFAS No. 123(R) supersedes APB Opinion No. 25. Generally, the approach under SFAS No. 123(R) is similar to the approach described in SFAS No. 123. However, SFAS No. 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. SFAS No. 123(R) requires nonpublic companies that used the minimum value method in SFAS No. 123 for either recognition or pro forma disclosures to apply SFAS No. 123(R) using the prospective-transition method. As such, the Company will continue to apply APB Opinion No. 25 in future periods to equity awards outstanding at the date of SFAS No. 123(R)'s adoption that were measured using the minimum value method. In accordance with the requirements of SFAS No. 123(R), the Company will not present pro forma disclosures for periods prior to the adoption of SFAS No. 123(R) as the estimated fair value of the Company's stock options granted through December 31, 2005 was determined using the minimum value method. Effective with the adoption of SFAS No. 123(R), the Company has elected to use the Black-Scholes option pricing model to determine the weighted average fair value of stock options granted. In March 2005, the Securities and Exchange Commission issued SAB No. 107, Share-Based Payment, relating to SFAS No. 123(R). The Company has applied applicable provisions of SAB No. 107 in its adoption of SFAS No. 123(R). In accordance with SFAS No. 123(R), the Company recognizes the compensation cost of stock-based awards on a straight-line basis over the vesting period of the award. Stock based compensation to employees for the year ended December 31, 2007 and 2006 was $7,318 and $303 (See Note 11), before income taxes. The Company accounts for transactions in which services are received from non-employees in exchange for equity instruments based on the fair value of such services received or of the equity instruments issued, whichever is more reliably measured, in accordance with SFAS No. 123, Accounting for Stock-Based Compensation, and EITF No. 96-18, Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction With Selling, Goods or Services. During the year ended December 31, 2007 and 2006, the Company recognized $279 and $64 of stock-based compensation to non-employees, respectively. Stock-Based Compensation As of December 31, 2007, the Company had one stock-based compensation plan, which is more fully described in Note 11. Through December 31, F-12 EnerNOC, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 1. Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Continued) awards On SFAS Effective The This excerpt taken from the ENOC 10-Q filed Nov 5, 2007. Stock-Based Compensation
Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards (SFAS) No. 123(R), Share Based Payment (SFAS No. 123(R)). SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. We continue to evaluate the effect that the adoption of SFAS No. 123(R) will have on our financial position and results of operations. For the three and nine months ended September 30, 2007, we recorded stock-based compensation expenses of approximately $1.4 million and $5.8 million, respectively, in connection with share-based payment
16
awards to employees and non-employees. Included within the amount for the nine months ended is $2.3 million in compensation expense associated with a grant that we made to our chief executive officer and our president in April 2007. With respect to grants through September 30, 2007, a future expense of non-vested options of approximately $19.8 million is expected to be recognized over a weighted-average period of 3.4 years. For restricted stock at September 30, 2007, we had $1.6 million of stock-based compensation expense which is expected to be recognized over a weighted-average period of 3.4 years. See Footnote 10, “Stock-Based Compensation,” to the Unaudited Condensed Consolidated Financial Statements for further discussion regarding stock options.
This excerpt taken from the ENOC 10-Q filed Oct 29, 2007. Stock-Based Compensation Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards (SFAS) No. 123(R), Share Based Payment (SFAS No. 123(R)). SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. We continue to evaluate the effect that the adoption of SFAS No. 123(R) will have on our financial position and results of operations. We currently expect that our adoption of SFAS No. 123(R) will affect our operating results in future periods. For the three and six months ended June 30, 2007, we recorded stock-based compensation expenses of approximately $3.7 million and $4.3 million, respectively, in connection with share-based payment awards to employees and non-employees. Included within these amounts is $2.3 million in compensation expense associated with a grant that we made to our chief executive officer and our president in April
15
2007. With respect to grants through June 30, 2007, a future expense of non-vested options of approximately $16.1 million is expected to be recognized over a weighted-average period of 3.7 years. For restricted stock at June 30, 2007, the Company had $1.7 million of stock-based compensation expense which is expected to be recognized over a weighted-average period of 3.9 years. See Footnote 8, “Stock Based Compensation,” to the Unaudited Condensed Consolidated Financial Statements for further discussion regarding stock options. This excerpt taken from the ENOC 10-Q filed Aug 10, 2007. Stock-Based
Compensation
Effective as of January 1, 2006, we adopted the requirements of Statement of Financial Accounting Standards (SFAS) No. 123(R), Share Based Payment (SFAS No. 123(R)). SFAS No. 123(R) addresses all forms of share-based payment awards, including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. SFAS No. 123(R) requires us to expense share-based payment awards with compensation cost for share-based payment transactions measured at fair value. We continue to evaluate the effect that the adoption of SFAS No. 123(R) will have on our financial position and results of operations. We currently expect that our adoption of SFAS No. 123(R) will affect our operating results in future periods. For the three and six months ended June 30, 2007, we recorded stock-based compensation expenses of approximately $3.7 million and $4.3 million, respectively, in connection with share-based payment awards to employees and non-employees. Included within these amounts is $2.3 million in compensation expense associated with a grant that we made to our chief executive officer and our president in April 14
2007. With respect to grants through June 30, 2007, a future expense of non-vested options of approximately $16.1 million is expected to be recognized over a weighted-average period of 3.7 years. For restricted stock at June 30, 2007, the Company had $1.7 million of stock-based compensation expense which is expected to be recognized over a weighted-average period of 3.9 years. See Footnote 8, “Stock Based Compensation,” to the Unaudited Condensed Consolidated Financial Statements for further discussion regarding stock options. | EXCERPTS ON THIS PAGE:
|
| |||||||
