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This excerpt taken from the PBI 10-K filed Feb 29, 2008. Restricted Stock and Restricted Stock Units Our stock plan permits the issuance of restricted stock and restricted stock units. Restricted stock units are stock awards that are granted to employees and entitle the holder to shares of common stock as the award vests, typically over a four year service period. The fair value of the awards is determined on the grant date based on our stock price at that date. We issued 334,442 shares and 256,519 shares of restricted stock units in 2007 and 2006, respectively. The weighted average grant price was $47.91 and $42.63 for 2007 and 2006, respectively. The intrinsic value of the outstanding restricted stock units at December 31, 2007 was $3.7 million, with a weighted average remaining term of 2.8 years. The following table summarizes information about restricted stock unit transactions during 2007:
Restricted stock awards are subject to one or more restrictions, which may include continued employment over a specified period or the attainment of specified financial performance goals. Where a restricted stock award is subject to both tenure and attainment of financial performance goals, the restrictions would be released, in total or in part, only if the executive is still employed by us at the end of the performance period and if the performance objectives are achieved. Where the sole restriction of a restricted stock award is continued employment over a specified period, such period may not be less than three years. The compensation expense for each award is recognized over the performance period. We issued 8,150 shares of restricted stock in 2005. We did not issue any shares of restricted stock during 2006 and 2007. We recorded compensation expense, net of tax, of $0.7 million, $1.3 million and $1.4 million in 2007, 2006 and 2005, respectively. This excerpt taken from the PBI DEF 14A filed Apr 3, 2007. Restricted Stock Units An award of
restricted stock units provides the participant the right to receive a payment
based on the value of a share of Pitney Bowes common stock. Restricted stock
units may be subject to such vesting requirements, restrictions and conditions
to payment as the Committee determines are appropriate. Generally, time vested
restricted stock unit awards will vest over a period of not less than three
years and performance units will vest over a period of not less than one year.
Awards may allow pro-rated vesting during the restriction period. Vesting
requirements may be based on the continued service of the participant for a
specified time period or on the attainment of specified business performance
goals established by the Committee or both. Restricted stock unit awards are
payable in cash or in shares of Pitney Bowes common stock or in a combination of
both. Restricted stock units may also be granted together with related dividend
equivalent rights which are payments equivalent to dividends declared on the
company’s common stock.
This excerpt taken from the PBI 10-K filed Mar 1, 2007. Restricted Stock and Restricted Stock Units Our stock plan permits the issuance of restricted stock and restricted stock units. Restricted stock units are stock awards that are granted to employees and entitle the holder to shares of common stock as the award vests, typically over a four year period. The fair value of the awards is determined on the grant date based on our stock price at that date. Restricted stock awards are subject to one or more restrictions, which may include continued employment over a specified period or the attainment of specified financial performance goals. Where a restricted stock award is subject to both tenure and attainment of financial performance goals, the restrictions would be released, in total or in part, only if the executive is still employed by us at the end of the performance period and if the performance objectives are achieved. Where the sole restriction of a restricted stock award is continued employment over a specified period, such period may not be less than three years. The compensation expense for each award is recognized over the performance period. We issued 256,519 shares, 8,150 shares and 104,790 shares of restricted stock and restricted stock units in 2006, 2005 and 2004, respectively. We recorded compensation expense of $3.3 million, $1.9 million and $1.0 million in 2006, 2005 and 2004, respectively. 65 PITNEY BOWES INC.
This excerpt taken from the PBI 10-Q filed Nov 9, 2006. Restricted Stock and Restricted Stock Units Our stock plan permits the issuance of restricted stock and restricted stock units. Restricted stock units are stock awards that are granted to employees and entitle the holder to shares of common stock as the award vests, typically over a four year period. The fair value of the awards is determined on the grant date based on our stock price at that date. Restricted stock awards are subject to one or more restrictions, which may include continued employment over a specified period or the attainment of specified financial performance goals. Where a restricted stock award is subject to both tenure and attainment of financial performance goals, the restrictions would be released, in total or in part, only if the executive is still employed by us at the end of the performance period and if the performance objectives are achieved. Where the sole restriction of a restricted stock award is continued employment over a specified period, such period may not be less than three years. The compensation expense for each award is recognized over the performance period. The following table summarizes information about restricted stock units transactions:
This excerpt taken from the PBI 10-Q filed Aug 8, 2006. Restricted Stock and Restricted Stock Units Our stock plan permits the issuance of restricted stock and restricted stock units. Restricted stock (units) are stock awards that are granted to employees and entitle the holder to shares of common stock as the award vests, typically over a four year period. The fair value of the awards is determined on the grant date based on our stock price at that date. Restricted stock awards are subject to one or more restrictions, which may include continued employment over a specified period or the attainment of specified financial performance goals. Where a restricted stock award is subject to both tenure and attainment of financial performance goals, the restrictions would be released, in total or in part, only if the executive is still employed by us at the end of the performance period and if the performance objectives are achieved. Where the sole restriction of a restricted stock award is continued employment over a specified period, such period may not be less than three years. The compensation expense for each award is recognized over the performance period. The following table summarizes information about restricted stock (units) transactions:
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