86 | FINANCIAL STATEMENTS | Notes to the Consolidated Financial Statements
25. Share-based payments The Group operates several share-based payment plans as part of its total employee compensation arrangements.
Summary The total share-based payment expense is analysed as follows:
By Scheme:
The Long-Term Remuneration Plan (deferred awards) The Long-Term Remuneration Plan (restricted awards) Executive Director Remuneration Plan (deferred awards) F&C REIT variable non-controlling interests SBP F&C REIT Long-Term Remuneration Plan TRC Management Retention Plan TRC Management Incentive Plan TRC Commutation arrangements
Purchased Equity Plan (FCAM plc shares) Purchased Equity Plan (F&C investment funds) Deferred Share Awards
Total share-based payment expense recognised in the Income Statement The total expense recognised during the year in respect of share-based payment schemes is split as follows:
Equity-settled Cash-settled
Total share-based payment expense recognised in the Income Statement
Note 32
2012 £m
13.4 8.1
21.5
2011 £m
17.3 0.5
17.8
31 December 31 December 2012 £m
2011 £m
Total carrying amount of cash-settled liabilities The details of each scheme are disclosed below.
8.4 6.0
Details of option pricing models and key assumptions used to obtain the fair value of services received, or the fair value of the equity instruments granted, have been disclosed only for awards granted during the year ended 31 December 2012. Details of awards granted in previous accounting periods are disclosed in the previous years’ Financial Statements.
The fair value of services received in return for awards granted is measured by reference to the fair value of share awards granted.
The cash-settled element of the awards is based on dividends payable on the shares during the vesting period, being notionally re-invested in F&C Asset Management plc shares. Once the share awards vest, the value of the notional shares is paid to the employee in cash. The value of dividend payments has been separated from the equity-settled awards as these are settled in cash.
The cumulative expense for each award is “trued-up” during the vesting period and at the end of the vesting period, after allowing for actual forfeitures and, where applicable, the extent to which the performance criteria have been met.
The weighted average share price during 2012 was £0.82 (2011: £0.74). The weighted average share price at exercise date during 2012 was £0.80 (2011: £0.77).
5 Note
2012 £m
9.0 2.9 0.3 –
1.6 5.6 –
1.6 0.1 0.2 0.2
21.5
2011 £m
8.8 1.0 0.6
(4.8) 1.1 4.5
(0.1) 5.7 0.1 0.5 0.4
17.8
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143