Windstream 2009 Annual Report Download - page 176
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
9. Share-Based Compensation Plans, Continued:
performance targets for 2010 remains uncertain, management has determined that it is probable that such targets
will be met for fiscal year 2010.
Restricted share activity for the year ended December 31, 2009 was as follows:
(Thousands)
Number of
Shares
Weighted
Average Fair
Value Per Share
Non-vested at December 31, 2008 3,352.8 $12.30
Granted 1,885.8 8.73
Vested (2,198.1) 12.50
Forfeited (149.8) 10.61
Non-vested at December 31, 2009 2,890.7 $ 9.90
At December 31, 2009, unrecognized compensation expense totaled $10.6 million and is expected to be
recognized over the weighted average vesting period of 1.3 years. Unrecognized compensation expense is
included in additional paid-in capital in the accompanying consolidated balance sheets and statements of
shareholders’ equity. The total fair value of shares vested during 2009, 2008 and 2007 was $27.5 million, $12.3
million and $7.8 million, respectively. Share-based compensation expense was $17.4 million, $18.1 million and
$15.9 million for 2009, 2008 and 2007, respectively.
10. Merger, Integration and Restructuring Charges:
Costs triggered by strategic transactions, including transaction, rebranding and system conversion costs are
unpredictable by nature and are not included in the determination of segment income. Transaction costs primarily
include charges for accounting, legal, broker fees and other miscellaneous costs associated with the completed
acquisitions of D&E, Lexcom and NuVox, and the pending acquisition of Iowa Telecom expected to be completed
in 2010. These costs are considered indirect or general and are expensed when incurred in accordance with
authoritative guidance on business combinations. Restructuring charges, consisting primarily of severance and
employee benefit costs, are triggered by the Company’s continued evaluation of its operating structure and
identification of opportunities for increased operational efficiency and effectiveness. These costs should not
necessarily be viewed as non-recurring, and are included in the determination of segment income. They are
reviewed regularly by the Company’s decision makers and are included as a component of compensation targets.
F-62