NYT » Topics » Restricted Stock

This excerpt taken from the NYT 10-K filed Feb 22, 2010.
Restricted Stock

The 1991 Executive Stock Plan also provides for grants of restricted stock. The Company did not grant restricted stock in 2009, 2008 or 2007, but rather granted restricted stock units (see below). The fair value of restricted stock is the average market price at date of grant.

Changes in the Company’s restricted stock in 2009 were as follows:

 

     December 27, 2009
(Shares in thousands)    Restricted
Shares
    Weighted
Average
Grant-Date
Fair Value

Unvested restricted stock at beginning of period

   145      $ 40

Granted

         

Vested

   (143   $ 40

Forfeited

   (2   $ 40
              

Unvested restricted stock at end of period

        $
              

Unvested restricted stock expected to vest at end of period

        $
              

The intrinsic value of restricted stock vested was $1.4 million in 2009, $0.6 million in 2008 and $5.5 million in 2007.

This excerpt taken from the NYT 10-K filed Feb 26, 2009.

Restricted Stock

The 1991 Executive Stock Plan also provides for grants of restricted stock. The Company did not grant restricted stock in 2008, 2007 or 2006, but rather granted restricted stock units (see below). Restricted stock vests at the end of the nominal vesting period or the substantive vesting period, whichever is applicable. The fair value of restricted stock is the average market price at date of grant.

Changes in the Company's restricted stock in 2008 were as follows:

    December 28, 2008  
(Shares in thousands)   Restricted
Shares
  Weighted
Average
Grant-Date
Fair Value
 
Unvested restricted stock at
beginning of period
    220     $ 41    
Granted              
Vested     (66 )     42    
Forfeited     (9 )     40    
Unvested restricted stock at
end of period
    145     $ 40    
Unvested restricted stock
expected to vest at end
of period
    145     $ 40    

 

The intrinsic value of restricted stock vested was $0.6 million in 2008, $5.5 million in 2007 and $3.0 million in 2006.

This excerpt taken from the NYT 10-K filed Feb 26, 2008.

Restricted Stock

The 1991 Executive Stock Plan also provides for grants of restricted stock. The Company did not grant restricted stock in 2005, 2006 or 2007 but rather granted restricted stock units. Restricted stock vests at the end of the nominal vesting period or the substantive vesting period, whichever is applicable. The fair value of restricted stock is the excess of the average market price of Common Stock at the date of grant over the exercise price, which is zero.

Changes in the Company's restricted stock in 2007 were as follows:

    December 30, 2007  
(Shares in thousands)   Restricted
Shares
  Weighted
Average
Grant-Date
Fair Value
 
Unvested restricted stock at
beginning of period
    569     $ 41    
Granted              
Vested     (327 )     41    
Forfeited     (22 )     40    
Unvested restricted stock at
end of period
    220     $ 41    
Unvested restricted stock
expected to vest at end
of period
    216     $ 41    

 

The intrinsic value of restricted stock vested was $5.5 million in 2007, $3.0 million in 2006 and $0.5 million in 2005.

Under the provisions of FAS 123-R, the recognition of deferred compensation, representing the amount of unrecognized restricted stock expense that is reduced as expense is recognized, at the date restricted stock is granted, is no longer required. Therefore, in 2005, the amount that had been in "Deferred compensation" in the Consolidated Balance Sheet was reversed to zero.

This excerpt taken from the NYT 10-K filed Mar 1, 2007.

Restricted Stock

The 1991 Executive Stock Plan also provides for grants of restricted stock. The Company did not grant restricted stock in 2005 or 2006 but rather granted restricted stock units. Restricted stock vest at the end of the nominal vesting period or the substantive vesting period, whichever is applicable. The fair value of restricted stock is the excess of the average market price of Common Stock at the date of grant over the exercise price, which is zero.

Changes in the Company's restricted stock in 2006 were as follows:

    2006  
(Shares in thousands)   Restricted
Shares
  Weighted
Average
Grant-Date
Fair Value
 
Unvested restricted stock at
beginning of period
    711     $ 41    
Granted              
Vested     (122 )     43    
Forfeited     (20 )     40    
Unvested restricted stock at
end of period
    569     $ 41    

 

The weighted average grant date fair value in 2004 was approximately $40.

Under the provisions of FAS 123-R, the recognition of deferred compensation, representing the amount of unrecognized restricted stock expense that is reduced as expense is recognized, at the date restricted stock is granted, is no longer required. Therefore, in the first quarter of 2005, the amount that had been in "Deferred compensation" in the Consolidated Balance Sheet was reversed to zero.

This excerpt taken from the NYT 10-Q filed Nov 4, 2005.

Restricted Stock

The 1991 Executive Stock Plan also provides for grants of restricted stock.  The Company generally grants restricted stock with a 3-year vesting period or a 5-year vesting period.  Restricted stock vests at the end of the nominal vesting period or the substantive vesting period, whichever is applicable.  The fair value of restricted stock is the excess of the average market price of Common Stock at the date of grant over the exercise price, which is zero.

 

Included in the Company’s stock-based compensation expense in 2005 is a portion of the cost related to restricted stock granted in 2004, 2003 and 2002.  The Company did not grant restricted stock in the first nine months of 2005.

 

Changes in the Company’s restricted stock for the first nine months of 2005 were as follows:

 

(Shares in thousands)

 

 

 

Restricted Shares

 

Weighted Average
Grant-Date Fair Value

 

Unvested restricted stock at beginning of year

 

741

 

$41

 

Granted

 

¾

 

¾

 

Vested

 

(12

)

40

 

Forfeited

 

(11

)

40

 

Unvested restricted stock at end of period

 

718

 

$41

 

 

Under the provisions of FAS 123-R, the recognition of deferred compensation, a contra-equity account representing the amount of unrecognized restricted stock expense that is reduced as expense is recognized, at the date restricted stock is granted is no longer required. Therefore, in the first quarter of 2005, the amount that had been in “Deferred compensation” in the Condensed Consolidated Balance Sheet was reversed to zero.

 

10



 

This excerpt taken from the NYT 10-Q filed May 5, 2005.

Restricted Stock

        The Company's 1991 Executive Plan also provides for grants of restricted stock. The Company generally grants restricted stock with a 3-year vesting period and a 5-year vesting period. Restricted stock vests at the end of the respective vesting period, which is also the requisite service period. The fair value of restricted stock is the excess of the average market price of Common Stock at the date of grant over the exercise price, which is zero.

        Included in the Company's stock-based compensation expense in the first quarter of 2005 is a portion of the cost related to the unvested restricted stock granted in 2004, 2003 and 2002. The Company did not grant restricted stock in the first quarter of 2005.

        Changes in the Company's restricted stock for the first quarter of 2005 were as follows:

 
  Restricted Shares
  Weighted Average
Grant-Date Fair
Value

 
  (shares in thousands)

Unvested restricted stock at beginning of year   691   $ 41
Granted      
Vested      
Forfeited   3     40
   
 
Unvested restricted stock at end of quarter   688   $ 41
   
 

11


        Under the provisions of FAS 123-R, the recognition of deferred compensation, a contra-equity account representing the amount of unrecognized restricted stock expense that is reduced as expense is recognized, at the date restricted stock is granted is no longer required. Therefore, in the first quarter of 2005, the amount that had been in "Deferred compensation" was reversed to zero through "Additional paid-in capital" in the Company's Condensed Consolidated Balance Sheet.

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