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PNC » Topics » Incentive/Performance Unit Share Awards and Restricted Stock/Unit Awards

This excerpt taken from the PNC 10-Q filed Nov 6, 2008.

Incentive/Performance Unit Share Awards and Restricted Stock/Unit Awards

The fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant. Incentive/performance unit share awards are subsequently valued subject to the achievement of one or more financial and other performance goals over a three-year period. The Personnel and Compensation Committee of the Board of Directors approves the final award payout with respect to incentive/performance unit share awards. Restricted stock/unit awards have various vesting periods ranging from 12 months to 60 months. There are no financial or performance goals associated with any of our restricted stock/unit awards.

We recognize compensation expense for incentive/performance unit share awards and restricted stock/unit awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to incentive/performance unit share awards and restricted stock/unit awards during the first nine months of 2008 was approximately $37 million compared with $32 million during the first nine months of 2007.

The following table summarizes nonvested incentive/performance unit share awards and restricted stock/unit awards as of and for the nine months ended September 30, 2008:

 

Shares in thousands   

Nonvested
Incentive/

Performance
Unit Shares

    Weighted-
Average
Grant
Date Fair
Value		   

Nonvested
Restricted
Stock/

Units

     Weighted-
Average
Grant
Date Fair
Value

Dec. 31, 2007

    316    $ 66.28    1,869     $ 60.20

Granted

    170      53.33    513       55.24

Vested

            (635 )     50.81

Forfeited

              (20 )     62.05

Sept. 30, 2008

    486    $ 61.75    1,727     $ 62.16

The weighted-average grant-date fair value of incentive/performance unit share awards and restricted stock/unit awards is measured by reducing the grant date price by the present value of dividends expected to be paid on the underlying shares and for estimated forfeitures on restricted stock/unit awards.

At September 30, 2008, there was $46 million of unrecognized deferred compensation expense related to nonvested share-based compensation arrangements granted under the Incentive Plans. This cost is expected to be recognized as expense over a period of no longer than 5 years.

This excerpt taken from the PNC 10-Q filed Aug 8, 2008.

Incentive/Performance Unit Share Awards and Restricted Stock/Unit Awards

The fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined

based on prices not less than the market value of our common stock price on the date of grant. Incentive/performance unit share awards are subsequently valued subject to the achievement of one or more financial and other performance goals over a three-year period. The Personnel and Compensation Committee of the Board of Directors approves the final award payout with respect to incentive/performance unit share awards. Restricted stock/unit awards have various vesting periods ranging from 12 months to 60 months. There are no financial or performance goals associated with any of our restricted stock/unit awards.

We recognize compensation expense for incentive/performance unit share awards and restricted stock/unit awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to incentive/performance unit share awards and restricted stock/unit awards during the first six months of 2008 was approximately $24 million compared with $21 million during the first six months of 2007.

The following table summarizes nonvested incentive/performance unit share awards and restricted stock/unit awards as of and for the six months ended June 30, 2008:

 

Shares in thousands   

Nonvested
Incentive/

Performance
Unit Shares

    Weighted-
Average
Grant
Date Fair
Value		   

Nonvested
Restricted
Stock/

Units

     Weighted-
Average
Grant
Date Fair
Value

Dec. 31, 2007

    316    $ 66.31    1,869     $ 60.20

Granted

    166      52.80    499       55.18

Vested

            (612 )     50.87

Forfeited

              (8 )     60.49

June 30, 2008

    482    $ 61.66    1,748     $ 62.04

The weighted-average grant-date fair value of incentive/performance unit share awards and restricted stock/unit awards is measured by reducing the grant date price by the present value of dividends expected to be paid on the underlying shares and for estimated forfeitures on restricted stock/unit awards.

At June 30, 2008, there was $53 million of unrecognized deferred compensation expense related to nonvested share-based compensation arrangements granted under the Incentive Plans. This cost is expected to be recognized as expense over a period of no longer than 5 years.

This excerpt taken from the PNC 10-Q filed May 12, 2008.

Incentive/Performance Unit Share Awards and Restricted Stock/Unit Awards

The fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant. Incentive/performance unit share awards are subsequently valued subject to the achievement of one or more financial and other performance goals over a three-year period. The Personnel and Compensation Committee of the Board of Directors approves the final award payout with respect to incentive/performance unit share awards. Restricted stock/unit awards have various vesting periods ranging from 24 months to 60 months. There are no financial or performance goals associated with any of our restricted stock/unit awards.

We recognize compensation expense for incentive/performance unit share awards and restricted stock/unit


 

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awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to PNC incentive/performance unit share awards and restricted stock/unit awards during the first three months of 2008 was approximately $11 million, compared with $10 million during the first three months of 2007.

The following table summarizes PNC nonvested incentive/performance unit share awards and restricted stock/unit awards as of and for the three month period ending March 31, 2008:

 

Shares in thousands   

Nonvested
Incentive/

Performance
Unit Shares

    Weighted-
Average
Grant
Date Fair
Value		   

Nonvested
Restricted
Stock/

Units

     Weighted-
Average
Grant
Date Fair
Value

Dec. 31, 2007

    316    $ 66.31    1,869     $ 60.20

Granted

    161      52.41    473       54.79

Vested

            (555 )     49.79

Forfeited

              (4 )     67.68

March 31, 2008

    477    $ 61.62    1,783     $ 62.00

The weighted-average grant-date fair value of incentive/performance unit share awards and restricted stock/unit awards is measured by reducing the grant date price by the present value of dividends expected to be paid on the underlying shares and for estimated forfeitures on restricted stock/unit awards.

At March 31, 2008, there was $59 million of unrecognized deferred compensation expense related to nonvested share-based compensation arrangements granted under the Incentive Plans. This cost is expected to be recognized as expense over a period of no longer than 5 years.

This excerpt taken from the PNC 10-Q filed Nov 8, 2007.

Incentive/Performance Unit Share Awards and Restricted Stock/Unit Awards

The fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant. Incentive/performance unit share awards are subsequently valued subject to the achievement of one or more financial and other performance goals over a three-year period. The Personnel and Compensation Committee of the Board of Directors approves the final award payout with respect to incentive/performance unit share awards. Restricted stock/unit awards have various vesting periods ranging from 24 months to 60 months. There are no financial or performance goals associated with any of our restricted stock/unit awards.

We recognize compensation expense for incentive/performance unit share awards and restricted stock/unit awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to PNC incentive/performance unit share awards and restricted stock/unit awards during the first nine months of 2007 was approximately $32 million, compared with $35 million during the first nine months of 2006.

 

The following table summarizes PNC nonvested incentive/performance unit share awards and restricted stock/unit awards as of and for the nine month period ending September 30, 2007:

 

Shares in thousands   

Nonvested
Incentive/

Performance
Unit Shares

     Weighted-
Average
Grant
Date Fair
Value		   

Nonvested
Restricted
Stock/

Units

     Weighted-
Average
Grant
Date Fair
Value

Dec. 31, 2006

    186     $ 64.15    2,425     $ 57.45

Granted

    135       69.08    603       69.96

Vested

           (910 )     60.59

Forfeited

    (8 )     64.31    (85 )     60.42

Sep. 30, 2007

    313     $ 66.28    2,033     $ 59.63

The weighted-average grant-date fair value of incentive/performance unit share awards and restricted stock/unit awards is measured by reducing the grant date price by the present value of dividends expected to be paid on the underlying shares and for estimated forfeitures on restricted stock/unit awards.

At September 30, 2007, there was $51 million of unrecognized deferred compensation expense related to nonvested share-based compensation arrangements granted under the Incentive Plans. This cost is expected to be recognized as expense over a period of no longer than 5 years.

This excerpt taken from the PNC 10-Q filed Aug 8, 2007.

Incentive/Performance Unit Share Awards and Restricted Stock/Unit Awards

The fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant. Incentive/performance unit share awards are subsequently valued subject to the achievement of one or more financial and other performance goals over a three-year period. The Personnel and Compensation Committee of the Board of Directors approves the final award payout with respect to incentive/performance unit share awards. Restricted stock/unit awards have various vesting periods ranging from 24 months to 60 months. There are no financial or performance goals associated with any of our restricted stock/unit awards.

We recognize compensation expense for incentive/performance unit share awards and restricted stock/unit awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to PNC incentive/performance unit share awards and restricted stock/unit awards during the first half of 2007 was approximately $21 million, compared with $24 million during the first half of 2006.

The following table summarizes PNC nonvested incentive/performance unit share awards and restricted stock/unit awards as of and for the six month period ending June 30, 2007:

 

Shares in thousands   

Nonvested
Incentive/

Performance
Unit Shares

     Weighted-
Average
Grant
Date Fair
Value		   

Nonvested
Restricted
Stock/

Units

     Weighted-
Average
Grant
Date Fair
Value

Dec. 31, 2006

    186     $64.15    2,425     $57.45

Granted

    133     69.04    590     70.01

Vested

           (890 )   60.83

Forfeited

    (8 )   64.31    (73 )   61.11

June 30, 2007

    311     $66.24    2,052     $59.47

 

The weighted-average grant-date fair value of incentive/performance unit share awards and restricted stock/unit awards is measured by reducing the grant date price by the present value of dividends expected to be paid on the underlying shares and for estimated forfeitures on restricted stock/unit awards.

At June 30, 2007, there was $59 million of unrecognized deferred compensation expense related to nonvested share-based compensation arrangements granted under the Incentive Plans. This cost is expected to be recognized as expense over a period of no longer than 5 years.

EXCERPTS ON THIS PAGE:

10-Q
Nov 6, 2008
10-Q
Aug 8, 2008
10-Q
May 12, 2008
10-Q
Nov 8, 2007
10-Q
Aug 8, 2007

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