QBE European Operations plc

QBE European Operations plc Annual report 2011
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8 Share based payments continued
b) Employee options continued
Details of the number of options granted, exercised and forfeited or cancelled during the prior year, including those issued under the DCP,
were as follows:
2010
Balance at Cancelled/ Balance at
Exercise price 1 January Granted in Exercised in forfeited in 31 December
Grant Date A$ 2010 the year the year the year 2010
3 March 2004 11.08 20,000 – – (20,000) –
3 March 2005 8.04 135,583 – (135,583) – –
3 March 2005 11.08 150,310 – (150,310) – –
3 March 2005 14.85 1,162,313 – (1,072,032) (90,281) –
2 March 2006 20.44 1,185,013 – – (245,079) 939,934
2 March 2007 32.68 873,920 – – (169,386) 704,534
2 March 2007 20.44 20,000 – – – 20,000
4 March 2008 20.44 20,000 – – – 20,000
4 March 2008 24.22 1,234,479 – – (224,123) 1,010,356
6 March 2009 17.57 1,897,597 – – (310,908) 1,586,689
6 March 2009 20.44 20,000 – – – 20,000
5 March 2010 20.90 – 20,000 – – 20,000
6,719,215 20,000 (1,357,925) (1,059,777) 4,321,513
Weighted average exercise price A$ 20.46 20.90 13.75 21.70 22.27
Employee options outstanding at 31 December 2010 were as follows:
Year of expiry DCP Other Total options
2011 7,871 60,000 67,871
2012 936,400 20,000 956,400
2013 711,294 – 711,294
2014 1,023,813 – 1,023,813
2015 1,562,135 – 1,562,135
4,241,513 80,000 4,321,513
Vested and exercisable at 31 December 2010 – – –
c) Conditional rights
Details of the number of employee entitlements to conditional rights to ordinary shares under the DCP granted, vested and transferred to employees
during the year were as follows:
2011
Fair value
Vested and
per right at Balance at Dividends transferred Balance at
Date grant date 1 January Granted attaching to employee Cancelled 31 December
Grant date exercisable A$ 2011 in the year in the year in the year in the year 2011
4 March 2008 3 March 2011 24.22 705,770 – 750 (647,873) (58,647) –
6 March 2009 5 March 2012 17.57 1,057,030 – 75,171 – (153,726) 978,475
6 March 2010 4 March 2013 20.90 589,086 – 44,907 – (85,952) 548,041
6 March 2010 4 March 2015 20.90 574,090 – 44,044 – (82,233) 535,901
7 March 2011 6 March 2014 20.90 – 602,044 49,732 – (50,491) 601,285
1 July 2011 31 March 2014 17.93 – 593,008 48,937 – (50,541) 591,404
1 July 2011 31 March 2016 17.48 – 10,000 464 – – 10,464
2,925,976 1,205,052 264,005 (647,873) (481,590) 3,265,570
Financial statements
The weighted average share price at the date of vesting of conditional rights during the year ended 31 December 2011 was A$17.42 (2010 A$21.25).
The weighted average fair value of conditional rights granted during the year ended 31 December 2011 was A$17.82 (2010 A$20.90).