The number -as corrected for the expected performance for the various awards- and weighted average share price per share under the LTV of senior
management are as follows:
Weighted average
share price 2011
Number of share
rights 2011
Weighted average
Number of share
Outstanding as at 1 January
30.11
1,575,880
30.35
1,481,269
Granted during the year
36.69
795,162
33.27
571,994
Forfeited during the year
31.73
(119,856)
30.89
(94,817)
Vested during the year
44.22
(234,485)
36.03
(253,377)
Performance adjustment
-
(470,187)
-
(129,189)
Outstanding as at 31 December
29.14
1,546,514
30.11
1,575,880
*The 2010 figures are restated to reflect the performance adjustment in number of shares.
No vesting occurred under the 2008-2010 LTV of the Executive Board. A total of 234,485 (gross) shares vested under the 2008-2010 LTV
of senior management.
Additionally, under extraordinary share plans 52,746 shares were granted and 17,864 (gross) shares vested. These extraordinary grants only have
a service condition and vest between 1 and 5 years. The expenses relating to these expected additional grants are recognised in profit or loss during
the vesting period. Expenses recognised in 2011 are EUR0.4 million (2010: EUR0.5 million).
The fair value of services received in return for share rights granted is based on the fair value of shares granted, measured using the Monte Carlo
model (applicable for the LTV 2009 - 2011 LTV plan), with following inputs:
Fair value at grant date
512,359
8,478,659
Expected volatility
22.8%
22.8%
2.1%
2.1%
Personnel expenses
Note
2011
Share rights granted in 2008
-
3
Share rights granted in 2009
5
5
Share rights granted in 2010
1
7
Share rights granted in 2011
5
-
Total expense recognised as personnel expenses
10
11
15
Heineken N.V. Annual Report 2011
123