This excerpt taken from the PATK 8-K filed Nov 20, 2009.
Restricted Stock means Shares that, during a Period of Restriction, are subject to restrictions as described in Article 7 of the Plan.
This excerpt taken from the PATK 8-K filed Jul 5, 2007.
Restricted StockIn June 2004, the Company issued 1,225 shares of restricted Class A common stock (par value of $.01 per share) to certain members of the Companys management. The individuals to whom the restricted stock was granted are entitled to receive dividends declared on common shares and vote on corporate matters. The restricted stock cannot be sold prior to a change in the control of the Company, as defined, and the shares will be forfeited and returned to the Company if a recipient terminates their employment prior to such an event. The restricted shares are not subject to the provisions of the Companys shareholders agreement.
The Company is recognizing the estimated fair value of the restricted shares issued during 2004 as employee stock-based compensation expense evenly through the estimated point in time the restrictions are expected to lapse (three years after the grant date). Accordingly, employee stock-based compensation expense of $346,500, $346,500, and $202,000 was recognized during 2006, 2005 and 2004, respectively, from the restricted shares. As of December 31, 2006, there was $144,500 of total unrecognized compensation cost related to the restricted shares. This cost is expected to be recognized in 2007.