ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 | 91
26. Share-based payments continued The following tables summarise the inputs into the valuations used for awards granted and the fair values assigned, during the year ended 31 December 2011.
Deferred Awards Award:
Award date
Number of awards granted Share price at grant date Exercise price Vesting period
Full term of award
Expected dividend yield (%) Expected volatility (%)
Risk-free interest rate (%) p.a. Expected forfeiture rate (%)
Fair value at measurement date (per award) – Equity – Cash
Valuation basis Estimated vesting percentage at award date
LTRP Restricted Share Awards Element of Award:
Award date
Number of awards granted Share price at grant date Exercise price Vesting period
Full term of award
Expected dividend yield (%) Expected volatility (%)
Risk-free interest rate (%) p.a. Expected forfeiture rate (%)
Fair value at measurement date (per award) – Equity – Cash
Valuation basis Estimated vesting percentage at award date
F&C REIT Long-Term Remuneration Plan Award:
Award date
Number of units in F&C REIT LLP granted Value of unit at award date Vesting period
Full term of award Expected forfeiture Model used
EPS
4 May 2011 937,421 77.8p 0.0p
3 years 3 years 3.9% n/a n/a
0.0% 69.0p
8.8p
market price 64%
Investment Performance
4 May 2011 937,421 77.8p 0.0p
3 years 3 years 3.9% n/a n/a
0.0% 69.0p
8.8p
market price 50%
Net New Business
4 May 2011 937,421 77.8p 0.0p
3 years 3 years 3.9% n/a n/a
0.0% 69.0p
8.8p
market price 67%
LTRP Deferred Share Awards
10 March 2011 15,437,379 82.35p 0.0p
3 years 3 years 4.27% n/a n/a
0.0%
72.46p 9.89p
market price n/a
TSR
4 May 2011 937,421 77.8p 0.0p
3 years 3 years 3.9%
58.0% 1.52% 0.0%
50.2p 4.3p
Monte Carlo
simulation model 100%
2011 award 1 May 2011
15,833.33 units £90.00 per unit 3 years 3 years 0.0%
External valuation of F&C REIT LLP business
(a) The Long-Term Remuneration Plan (LTRP) The LTRP is the primary long-term incentive arrangement of the Group. The LTRP rules allow both Deferred Share Awards and Restricted Share Awards to be made at the discretion of the Board.
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