This excerpt taken from the GBE 10-K filed Mar 17, 2008.
or Paid in
Glenn L. Carpenter
Harold H. Greene
C. Michael Kojaian
Gary H. Hunt
Robert J. McLaughlin
D. Fleet Wallace
Rodger D. Young
Represents annual retainers plus all meeting and committee
attendance fees earned by non-employee directors in 2007.
The amounts shown are the compensation costs recognized by the
Company in 2007 in accordance with SFAS No. 123R,
Share-Based Payment (SFAS No. 123R).
Includes $66,666 in compensation expense each for
Messrs. Carpenter, Greene, Hunt and Wallace related to the
accelerated vesting of the restricted stock issued in November
2006 upon the closing of the Merger. Each of the outside
directors received a grant of 8,996 shares on
December 10, 2007 which vest in three equal increments on
each of the next three annual anniversary dates of the grant.
The grant date fair value of the 8,996 shares of restricted
stock was $60,000, as computed in accordance with
SFAS No. 123R, based on a market price of $6.67 per
share on the date of grant. In addition, Messrs. Carpenter,
Greene, Hunt and Wallace each received a grant of
11,000 shares of restricted stock on June 27, 2007,
which also vest in three equal increments on each of the next
three annual anniversary dates of the grant. The grant date fair
value of the 11,000 shares of restricted stock was $125,000
based on a value of $11.36 per share on the date of grant.
The following table shows the aggregate number of unvested stock
awards and option awards granted to non-employee directors and
outstanding as of December 31, 2007: