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This excerpt taken from the SOHU 10-Q filed May 11, 2009. Share Awards to Other Employees On February 17, 2009, Changyou granted an aggregate of 45,600 Class A restricted share units (settleable upon vesting in Class A ordinary shares) to certain of its employees. These restricted share units are subject to vesting over a four-year period commencing upon the completion of an initial public offering by Changyou. The grant date fair value of the awards will be recognized in the consolidated statement of operations starting from April 2, 2009, when Changyou was listed on the NASDAQ Global Select Market. On March 16, 2009, the above 45,600 Class A restricted share units became 456,000 Class A restricted share units as a result of the ten-for-one share split effected on that date. A summary of the Class A restricted share units activity as of and for the three months ended March 31, 2009 is presented below. The shares and fair value presented in the following form have been revised on a retroactive basis to give effect to the ten-for-one share split.
As of March 31, 2009, unrecognized compensation cost related to unvested Class A restricted share units of Changyou granted to employees was $3.6 million. The fair value as of February 2009 grant date of restricted share units was determined based on Changyou’s offering price for its initial public offering, which is $8.00 per Class A ordinary share.
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