Coca Cola 2008 Annual Report Download - page 116

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THE COCA-COLA COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15: STOCK COMPENSATION PLANS (Continued)
Time-Based Restricted Stock Awards
The following table summarizes information about time-based restricted stock awards:
2008 2007 2006
Weighted- Weighted- Weighted-
Average Average Average
Grant-Date Grant-Date Grant-Date
Shares Fair Value Shares Fair Value Shares Fair Value
Nonvested on January 1 479,459 $ 38.81 413,700 $ 35.84 432,700 $ 36.46
Granted 25,402 52.36 55,180 56.34 — —
Promises to grant ——20,579 53.35 21,000 48.84
Vested and released1(10,633) 16.82 — — (30,000) 58.48
Cancelled/forfeited (19,750) 52.54 (10,000) 42.84 (10,000) 21.91
Nonvested on December 31 474,4782$ 39.45 479,4592$ 38.81 413,7002$ 35.84
1The total fair value of time-based restricted shares vested and released during the years ended
December 31, 2008, 2007 and 2006 was approximately $0.7 million, zero and $1.3 million, respectively.
The grant-date fair value is the quoted market value of the Company stock on the respective grant
date.
2The nonvested shares include promises to grant time-based restricted stock of 41,579 on
December 31, 2008 and 2007 and 31,000 on December 31, 2006. These awards are similar to
time-based restricted stock, including the payment of dividend equivalents, but were granted in this
manner because the employees were based outside of the United States.
Performance-Based Restricted Stock Awards
In 2001, shareowners approved an amendment to the 1989 Restricted Stock Award Plan to allow for the
grant of performance-based awards. These awards are released only upon the achievement of specific
measurable performance criteria. These awards pay dividends during the performance period. The majority of
awards have specific performance targets for achievement. If the performance targets are not met, the awards
will be cancelled.
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