DTV » Topics » Restricted Stock Units

This excerpt taken from the DTV 8-K filed Jun 1, 2009.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in

32



THE DIRECTV GROUP, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)

shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three year performance period in comparison with pre-established targets. We determine the fair value of restricted stock units based on the closing stock price of our common shares on the date of grant.

        Changes in the status of outstanding restricted stock units were as follows:

 
 
Stock Units
 
Weighted-Average
Grant-Date
Fair Value
 

Nonvested at January 1, 2008

    9,416,496   $ 17.99  

Granted

    2,692,310     23.19  

Vested and Distributed

    (3,166,095 )   17.00  

Forfeited

    (1,245,271 )   17.78  
             

Nonvested at December 31, 2008

    7,697,440     20.25  
             

        The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2007 was $23.69. The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2006 was $13.57.

        The total fair value of restricted stock units vested and distributed was $54 million during the year ended December 31, 2008, $33 million during the year ended December 31, 2007 and $21 million during the year ended December 31, 2006.

These excerpts taken from the DTV 10-K filed Feb 27, 2009.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three year performance period in comparison with pre-established targets. We determine the fair value of restricted stock units based on the closing stock price of our common shares on the date of grant.

94



THE DIRECTV GROUP, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)

        Changes in the status of outstanding restricted stock units were as follows:

 
 
Stock Units
 
Weighted-Average
Grant-Date
Fair Value
 

Nonvested at January 1, 2008

    9,416,496   $ 17.99  

Granted

    2,692,310     23.19  

Vested and Distributed

    (3,166,095 )   17.00  

Forfeited

    (1,245,271 )   17.78  
             

Nonvested at December 31, 2008

    7,697,440     20.25  
             

        The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2007 was $23.69. The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2006 was $13.57.

        The total fair value of restricted stock units vested and distributed was $54 million during the year ended December 31, 2008, $33 million during the year ended December 31, 2007 and $21 million during the year ended December 31, 2006.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three year performance period in comparison with pre-established targets. We determine the fair value of restricted stock units based on the closing stock price of our common shares on the date of grant.

94



THE DIRECTV GROUP, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)

        Changes in the status of outstanding restricted stock units were as follows:

 
 
Stock Units
 
Weighted-Average
Grant-Date
Fair Value
 

Nonvested at January 1, 2008

    9,416,496   $ 17.99  

Granted

    2,692,310     23.19  

Vested and Distributed

    (3,166,095 )   17.00  

Forfeited

    (1,245,271 )   17.78  
             

Nonvested at December 31, 2008

    7,697,440     20.25  
             

        The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2007 was $23.69. The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2006 was $13.57.

        The total fair value of restricted stock units vested and distributed was $54 million during the year ended December 31, 2008, $33 million during the year ended December 31, 2007 and $21 million during the year ended December 31, 2006.

Restricted Stock Units





        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual
awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three year
performance period in comparison with pre-established targets. We determine the fair value of restricted stock units based on the closing stock price of our common shares on the date of
grant.



94









THE DIRECTV GROUP, INC.



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)



        Changes
in the status of outstanding restricted stock units were as follows:




























































































 
 
Stock Units



 
Weighted-Average

Grant-Date

Fair Value



 

Nonvested at January 1, 2008

  9,416,496 $17.99 

Granted

  2,692,310  23.19 

Vested and Distributed

  (3,166,095) 17.00 

Forfeited

  (1,245,271) 17.78 
       

Nonvested at December 31, 2008

  7,697,440  20.25 
       




        The
weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2007 was $23.69. The weighted average
grant-date fair value of restricted stock units granted during the year ended December 31, 2006 was $13.57.



        The
total fair value of restricted stock units vested and distributed was $54 million during the year ended December 31, 2008, $33 million during the year ended
December 31, 2007 and $21 million during the year ended December 31, 2006.





Restricted Stock Units





        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual
awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three year
performance period in comparison with pre-established targets. We determine the fair value of restricted stock units based on the closing stock price of our common shares on the date of
grant.



94









THE DIRECTV GROUP, INC.



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(continued)



        Changes
in the status of outstanding restricted stock units were as follows:




























































































 
 
Stock Units



 
Weighted-Average

Grant-Date

Fair Value



 

Nonvested at January 1, 2008

  9,416,496 $17.99 

Granted

  2,692,310  23.19 

Vested and Distributed

  (3,166,095) 17.00 

Forfeited

  (1,245,271) 17.78 
       

Nonvested at December 31, 2008

  7,697,440  20.25 
       




        The
weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2007 was $23.69. The weighted average
grant-date fair value of restricted stock units granted during the year ended December 31, 2006 was $13.57.



        The
total fair value of restricted stock units vested and distributed was $54 million during the year ended December 31, 2008, $33 million during the year ended
December 31, 2007 and $21 million during the year ended December 31, 2006.





These excerpts taken from the DTV 10-K filed Feb 25, 2008.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three or four year performance period in comparison with pre-established targets. We determine the fair value of restricted stock units based on the closing stock price of our common shares on the date of grant.

93


THE DIRECTV GROUP, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(continued)

        Changes in the status of outstanding restricted stock units were as follows:

 
  Stock Units
  Weighted-Average
Grant-Date
Fair Value

Nonvested at January 1, 2007   8,640,154   $ 15.89
Granted   2,954,600     23.69
Vested and Distributed   (1,872,761 )   17.45
Forfeited   (305,497 )   17.06
   
     
Nonvested at December 31, 2007   9,416,496     17.99
   
     

        The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2006 was $13.57. The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2005 was $16.61.

        The total fair value of restricted stock units vested and distributed was $33 million during the year ended December 31, 2007, $21 million during the year ended December 31, 2006 and $26 million during the year ended December 31, 2005.

Restricted Stock Units





        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual awards are mostly
performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three or four year
performance period in comparison with pre-established targets. We determine the fair value of restricted stock units based on the closing stock price of our common shares on the date of
grant.



93








THE DIRECTV GROUP, INC.



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS--(continued)



        Changes
in the status of outstanding restricted stock units were as follows:




































































 
 Stock Units
 Weighted-Average

Grant-Date

Fair Value

Nonvested at January 1, 2007 8,640,154 $15.89
Granted 2,954,600  23.69
Vested and Distributed (1,872,761) 17.45
Forfeited (305,497) 17.06
  
   
Nonvested at December 31, 2007 9,416,496  17.99
  
   




        The
weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2006 was $13.57. The weighted average
grant-date fair value of restricted stock units granted during the year ended December 31, 2005 was $16.61.



        The
total fair value of restricted stock units vested and distributed was $33 million during the year ended December 31, 2007, $21 million during the year ended
December 31, 2006 and $26 million during the year ended December 31, 2005.





This excerpt taken from the DTV 10-K filed Mar 1, 2007.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under our stock plans to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three or four year performance period in comparison with pre-established targets.

98


        Changes in the status of outstanding restricted stock units were as follows:

 
  Stock Units
  Weighted-Average
Grant-Date
Fair Value

Nonvested at January 1, 2006   7,582,933   $ 16.03
Granted   3,082,425     13.57
Vested and Distributed   (1,273,311 )   10.66
Forfeited   (751,893 )   16.64
   
     
Nonvested at December 31, 2006   8,640,154     15.89
   
     

        The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2005 was $16.61. The weighted average grant-date fair value of restricted stock units granted during the year ended December 31, 2004 was $17.46.

        As of December 31, 2006, there was $42.2 million of unrecognized compensation expense related to unvested restricted stock units that we expect to recognize as follows: $30.1 million in 2007 and $12.1 million in 2008. The total fair value of restricted stock units vested and distributed during the year ended December 31, 2006 was $20.7 million. The total fair value of restricted stock units vested and distributed during the year ended December 31, 2005 was $25.9 million. There were no restricted stock units vested and distributed during the year ended December 31, 2004.

This excerpt taken from the DTV 8-K filed Feb 12, 2007.
Restricted Stock Units.  Each of these executives shall receive, subject to the approval of the Compensation Committee if required under applicable Company policies, equity compensation, (e.g., options or restricted stock units) appropriate to the executive’s position in the Company and generally commensurate with grants to other senior executives of the Company.  The Company expects the annual equity grant to have a fair market value at least equal to the executive’s base salary.

This excerpt taken from the DTV 10-Q filed Nov 9, 2006.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under the 2004 Plan and the HEC Plan to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three or four year performance period in comparison with pre-established targets. We record compensation expense for our restricted stock units on a straight-line basis over the service period of up to four years based upon the value of the award on the date approved, reduced for estimated forfeitures and adjusted for anticipated payout percentages related to the achievement of performance targets.

        Changes in the status of outstanding restricted stock units were as follows:

 
  Stock Units
  Weighted-Average
Grant-Date Fair
Value

Nonvested at December 31, 2005   7,582,993   $ 16.03
Granted   3,082,425     13.57
Vested and Distributed   (1,179,937 )   10.22
Forfeited   (642,870 )   16.92
   
     
Nonvested at September 30, 2006   8,842,611     15.88
   
     

        The weighted average grant-date fair value of restricted stock units granted during the nine months ended September 30, 2005 was $16.66.

        As of September 30, 2006, there was $54.5 million of unrecognized compensation expense related to unvested restricted stock units that we expect to recognize as follows: $11.0 million in the remainder of 2006, $31.5 million in 2007 and $12.0 million in 2008. The total fair value of restricted share units vested and distributed during the nine month period ended September 30, 2006 was $18.4 million. The total fair value of restricted share units vested and distributed during the nine month period ended September 30, 2005 was $23.9 million.

This excerpt taken from the DTV 10-Q filed Aug 8, 2006.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under the 2004 Plan and the HEC Plan to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three or four year performance period in comparison with pre-established targets. We record compensation expense for our restricted stock units on a straight-line basis over the service period of up to four years based upon the value of the award on the date approved, reduced for estimated forfeitures and adjusted for anticipated payout percentages related to the achievement of performance targets.

        Changes in the status of outstanding restricted stock units were as follows:

 
  Stock Units
  Weighted-Average
Grant-Date Fair
Value

Nonvested at December 31, 2005   7,582,993   $ 16.03
Granted   3,063,425     13.57
Vested and Distributed   (1,138,627 )   10.08
Forfeited   (599,045 )   11.72
   
     
Nonvested at June 30, 2006   8,908,746     15.88
   
     

        The weighted average grant-date fair value of restricted stock units granted during the six months ended June 30, 2005 was $16.66.

        As of June 30, 2006, there was $65.4 million of unrecognized compensation expense related to unvested restricted stock units that we expect to recognize as follows: $22.0 million in the remainder of 2006, $31.4 million in 2007 and $12.0 million in 2008. The total fair value of restricted share units vested and distributed during the six month period ended June 30, 2006 was $17.8 million. The total fair value of restricted share units vested and distributed during the six month period ended June 30, 2005 was $23.6 million.

This excerpt taken from the DTV 10-Q filed May 8, 2006.

Restricted Stock Units

        The Compensation Committee has granted restricted stock units under the 2004 Plan and the HEC Plan to certain of our employees and executives. Annual awards are mostly performance-based, with final payments in shares of our common stock. Final payment can be reduced from the target award amounts based on our company's performance over a three or four year performance period in comparison with pre-established targets. We record compensation expense for our restricted stock units on a straight-line basis over the service period of up to four years based upon the value of the award on the date approved, taking into consideration estimated forfeitures and anticipated payout percentages related to the achievement of performance targets.

        Changes in the status of outstanding restricted stock units were as follows:

 
  Share Units
  Weighted-Average
Grant-Date Fair
Value

Nonvested at December 31, 2005   7,582,993   $ 16.03
Granted   2,749,425     13.57
Distributed   (1,130,277 )   10.07
Forfeited   (516,732 )   17.08
   
     
Nonvested at March 31, 2006   8,685,409     15.95
   
     

        As of March 31, 2006, unvested restricted stock units have an aggregate intrinsic value of $142.5 million and a weighted average remaining vesting period of 1.8 years.

        As of March 31, 2006, there was $72.1 million of unrecognized compensation expense related to unvested restricted stock units that we expect to recognize as follows: $31.7 million in the remainder of 2006, $29.9 million in 2007 and $10.5 million in 2008.

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