Coca Cola 2007 Annual Report Download - page 103
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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15: STOCK COMPENSATION PLANS (Continued)
Restricted Stock Award Plans
Under the amended 1989 Restricted Stock Award Plan and the amended 1983 Restricted Stock Award Plan (the
“Restricted Stock Award Plans”), 40 million and 24 million shares of restricted common stock, respectively, were
originally available to be granted to certain officers and key employees of our Company.
At December 31, 2007, approximately 28 million shares remain available for grant under the Restricted Stock
Award Plans, when all outstanding awards including promises to grant restricted stock and performance share unit
(“PSU”) awards at the target level are included. Participants are entitled to vote and receive dividends on the restricted
shares and, for awards prior to January 1, 2008 under the 1983 Restricted Stock Award Plan, participants are
reimbursed by our Company for income taxes imposed on the award, but not for taxes generated by the reimbursement
payment. The 1983 Restricted Stock Plan has been amended to eliminate this tax reimbursement for future awards. The
shares are subject to certain transfer restrictions and may be forfeited if a participant leaves our Company for reasons
other than retirement, disability or death, absent a change in control of our Company.
The following awards were outstanding and nonvested as of December 31, 2007:
• 479,459 shares of time-based restricted stock and promises to grant restricted stock in which the restrictions
lapse upon the achievement of continued employment over a specified period of time;
• 286,800 shares of performance-based restricted stock and promises to grant restricted stock in which
restrictions lapse upon the achievement of specific performance goals over a specified performance period;
• 2,780,333 PSU awards which could result in a future grant of restricted stock after the achievement of
specific performance goals over a specified performance period. Such awards are subject to adjustment based
on the final performance relative to the goals, resulting in a minimum grant of no shares and a maximum
grant of 4,545,750 shares; and
• 422,238 shares of restricted stock and promises to grant restricted stock were issued for PSU awards.
The Company recognizes compensation expense for awards that are subject to performance criteria, when it is
probable that the performance criteria specified in the plan will be achieved. The compensation expense is recognized
on a straight-line basis over the remaining vesting period and is recorded in selling, general and administrative
expenses.
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