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This excerpt taken from the PNC 10-Q filed Nov 9, 2006. Incentive Share and Restricted Stock Awards The fair value of nonvested incentive shares and restricted stock awards is initially determined based on the average of the high and low of our common stock price on the date of grant. Incentive shares 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 of incentive shares. Restricted stock awards have various vesting periods ranging from 36 months to 60 months. There are no financial or performance goals associated with any of our restricted stock awards. We recognize compensation expense for incentive shares and restricted stock awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to PNC incentive share and restricted stock awards during the first nine months of 2006 was approximately $35 million, including $11 million during the third quarter. The status of PNC nonvested incentive shares and restricted stock awards at September 30, 2006, follows:
At September 30, 2006, 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 five years. This excerpt taken from the PNC 10-Q filed Aug 9, 2006. Incentive Share and Restricted Stock Awards The fair value of nonvested incentive shares and restricted stock awards is initially determined based on the average of the high and low of our common stock price on the date of grant. Incentive shares 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 approve the final award of incentive shares. Restricted stock awards have various vesting periods ranging from 36 months to 60 months. There are no financial or performance goals associated with any of our restricted stock awards. We recognize compensation expense for incentive shares and restricted stock awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to PNC incentive share and restricted stock awards during the first six months of 2006 was approximately $24 million, including $12 million during the second quarter. The status of PNC nonvested incentive shares and restricted stock awards at June 30, 2006, follows:
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Table of ContentsAt June 30, 2006, there was $60 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 five years. This excerpt taken from the PNC 10-Q filed May 9, 2006. Incentive Share and Restricted Stock Awards The fair value of nonvested incentive shares and restricted stock awards is initially determined based on the average of the high and low of our common stock price on the date of grant. Incentive shares 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 approve the final award of incentive shares. Restricted stock awards have various vesting periods ranging from 36 months to 60 months. There are no financial or performance goals associated with any of our restricted stock awards. We recognize compensation expense for incentive shares and restricted stock awards ratably over the corresponding vesting and/or performance periods for each type of program. Total compensation expense recognized related to PNC incentive share and restricted stock awards during the first quarter of 2006 was approximately $12 million. The status of PNC nonvested incentive shares and restricted stock awards at March 31, 2006, follows:
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Table of ContentsAt March 31, 2006, there was $44 million of unrecognized deferred compensation expense related to nonvested share-based compensation arrangements granted under the Incentive Plan. This cost is expected to be recognized as expense over a period of no longer than five years. | EXCERPTS ON THIS PAGE:
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