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134
Notes to the consolidated financial
statements, REC Group
REC Annual Report 2011
PER OPTION (NOK)
PER SHARE (NOK)
NO. OF OPTIONS
AVERAGE ESTIMATED FAIR
VALUE AT GRANT DATE
AVERAGE
EXERCISE PRICE
MARKET PRICE AT
GRANT DATE
Outstanding at January 1, 2010
3 671 450
10.89
71.02
NA
Granted July 21, 2010
2 109 628
2.92
20.61
18.74
Granted August 6, 2010
5 135 783
2.91
20.61
18.68
Forfeited in 2010 of 2008 program
-164 052
31.85
178.59
NA
Forfeited in 2010 of 2009 program
-714 134
7.46
52.48
NA
Forfeited in 2010 of 2010 program
-288 618
2.91
20.61
NA
Exercised in 2010
0
NA
NA
NA
Expired in 2010
0
NA
NA
NA
Outstanding at December 31, 2010
9 750 057
5.10
34.60
NA
Exercisable at December 31, 2010
0
NA
NA
NA
Outstanding at January 1, 2011 adjusted *
10 352 910
4.80
32.48
NA
Granted May 27, 2011
2 815 039
2.21
13.57
12.34
Granted May 30, 2011
5 785 044
2.31
13.57
12.34
Forfeited in 2011 of 2008 program
-164 615
22.04
130.53
NA
Forfeited in 2011 of 2009 program
-794 825
6.28
44.00
NA
Forfeited in 2011 of 2010 program
-1 886 222
2.91
20.61
NA
Forfeited in 2011 of 2011 program
-1 254 654
2.26
13.57
NA
Exercised in 2011
0
NA
NA
NA
Expired in 2011
0
NA
NA
NA
Outstanding at December 31, 2011
14 852 677
3.52
22.93
NA
Exercisable at December 31, 2011
337 248
22.53
130.53
NA
* The strike prices and number of options granted in the 2008 and 2009 program were adjusted in 2011 to compensated for the dilutive effects of the rights issues
in 2009 and 2010, see below.
Calculation of social security tax is based on intrinsic value at end of period.
The amount recognized in the statement of income for share options was an income of NOK 4.1million in 2011 and an expense of NOK 9.3
million in 2010. At year-end 2011, total estimated fair value recognized to equity was NOK 16.4million. Remaining estimated fair value to
be expensed was NOK 36million at December 31, 2011 and NOK 29.2million at December 31, 2010.
In 2011, according to the terms and conditions of the programs the compensation committee of REC ASA has adjusted the exercise price
and number of options granted to compensate for the dilutive effects of the rights issues in 2009 and 2010. The adjustment factors are the
bonus elements (dilutive effects), as discussed in note 26 Earnings per share, as follows:
ADJUSTED EXERCISE PRICE
ADJUSTED NUMBER OF OPTIONS
Old exercise price * 1/Bonus factor
Old number * Bonus factor
For the 2008 share option program, the adjustments are made for the bonus factor for the rights issues in 2009 and 2010. For the 2009
share option program, the adjustments are made for the bonus factor for the rights issue in 2010.
At December31, 2010
BEFORE ADJUSTED
BONUS FACTOR
ADJUSTMENT FACTOR
ADJUSTED
PROGRAM EXERCISE PRICE
NO. OPTIONS
2009
2010
EXERCISE PRICE NO. OPTIONS
EXERCISE PRICE NO. OPTIONS
2008
178.59
366 805
1.15
1.19
0.73
1.37
130.53
501 862
2009
52.48
2 426 459
1.00
1.19
0.84
1.19
44.00
2 894 255
2010
20.61
6 956 793
1.00
1.00
1.00
1.00
20.61
6 956 793
Total
9 750 057
10 352 910