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This excerpt taken from the WYN 10-Q filed May 7, 2009. Incentive
Equity Awards Granted by the Company
The activity related to incentive equity awards granted by the
Company for the three months ended March 31, 2009 consisted
of the following:
On February 27, 2009, the Company approved grants of
incentive equity awards totaling $24 million to key
employees and senior officers of Wyndham in the form of RSUs and
SSARs. These awards will vest ratably over a period of three
years.
The fair value of SSARs granted by the Company on
February 27, 2009 was estimated on the date of grant using
the Black-Scholes option-pricing model with the weighted average
assumptions outlined in the table below. Expected volatility is
based on both historical and implied volatilities of
(i) the Company’s stock and (ii) the stock of
comparable companies over the estimated expected life of the
SSARs. The expected life represents the period of time the SSARs
are expected to be outstanding and is based on the
“simplified method,” as defined in SAB 110. The
risk
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free interest rate is based on yields on U.S. Treasury
strips with a maturity similar to the estimated expected life of
the SSARs. The projected dividend yield was based on the
Company’s anticipated annual dividend divided by the
twelve-month target price of the Company’s stock on the
date of the grant.
This excerpt taken from the WYN 10-Q filed May 8, 2008. Incentive
Equity Awards Granted by the Company
The activity related to incentive equity awards granted by the
Company for the three months ended March 31, 2008 consisted
of the following:
On February 29, 2008, the Company approved the grant of
incentive awards of approximately $57 million to key
employees and senior officers of Wyndham in the form of RSUs and
SSARs. These awards will vest ratably over a period of four
years.
The fair value of SSARs granted by the Company on
February 29, 2008 was estimated on the date of grant using
the Black-Scholes option-pricing model with the weighted average
assumptions outlined in the table below. Expected volatility is
based on both historical and implied volatilities of
(i) the Company’s stock and (ii) the stock of
comparable companies over the estimated expected life of the
SSARs. The expected life represents the period of time the SSARs
are expected to be outstanding and is based on the
“simplified method,” as defined in SAB 110. The
risk free interest rate is based on yields on U.S. Treasury
strips with a maturity similar to the estimated expected life of
the SSARs. The dividend yield was based on the Company’s
annual dividend divided by the closing price of the
Company’s stock on the date of the grant.
This excerpt taken from the WYN 10-Q filed Nov 8, 2007. Incentive
Equity Awards Granted by the Company
On May 2, 2007, the Company approved the grant of incentive
awards of approximately $53 million to key employees and
senior officers of Wyndham in the form of RSUs and SSARs. These
awards will vest ratably over a period of four years.
The grant date fair value of SSARs granted on May 2, 2007
was $9.86. Such fair value was estimated on the date of grant
using the Black-Scholes option pricing model with the following
assumptions: (i) expected volatility of 24.7% based on both
historical and implied volatility, (ii) expected life of
4.25 years based on a contractual life of 6 years,
(iii) risk free interest rate of 4.5% and (iv) an
expected dividend yield of 0.44%.
This excerpt taken from the WYN 10-Q filed May 10, 2007. Incentive
Equity Awards Granted by the Company
On May 2, 2007, the Company approved the grant of incentive
awards of approximately $53 million to key employees and
senior officers in the form of RSUs and SSARs. The awards will
vest ratably over a period of four years.
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This excerpt taken from the WYN 10-K filed Mar 7, 2007. Incentive
Equity Awards Granted by the Company
On May 2, 2006, Cendant approved the grant of incentive
awards of approximately $79 million to the key employees
and senior officers of Wyndham in the form of RSUs and SSARs,
which were converted into equity awards relating to
Wyndham’s common stock on the day of the Separation from
Cendant. The awards have a grant date of May 2, 2006 and
vest ratably over a period of four years, with the exception of
a portion of the SSARs which vest ratably over a period of three
years. The number RSUs and SSARs granted were approximately
2.3 million and 500,000, respectively.
The activity related to the Company’s incentive equity
awards from the date of Separation through December 31,
2006 consisted of the following:
The grant date fair value of SSARs was $13.91. Such fair value
was estimated on the date of grant using the Black-Scholes
option pricing model with the following assumptions:
(i) expected volatility of 34.4%, (ii) expected life
of 6.25 years and (iii) risk free interest rate of
4.9%.
This excerpt taken from the WYN 10-Q filed Nov 14, 2006. Incentive
Equity Awards Granted by the Company
On May 2, 2006, Cendant approved the grant of incentive
awards of approximately $79 million to the key employees
and senior officers of Wyndham in the form of RSUs and SSARs,
which were converted into equity awards relating to
Wyndham’s common stock on the day of the Separation from
Cendant. The awards have a grant date of May 2, 2006 and
vest ratably over a period of four years, with the exception of
a portion of the SSARs which vest ratably over a period of three
years. The number of RSUs and SSARs granted were approximately
2.3 million and 500,000, respectively.
The activity related to the Company’s incentive equity
awards from the date of Separation through September 30,
2006 consisted of the following:
_
_
The grant date fair value of SSARs was $13.91. Such fair value
was estimated on the date of grant using the Black —
Scholes option pricing model with the following assumptions:
(i) expected volatility of 34.4%, (ii) expected life
of 6.25 years and (iii) risk free interest rate of
4.9%.
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