ANNUAL REPORT AND FINANCIAL STATEMENTS 2012 | 87
25. Share-based payments continued The following tables summarise the inputs to the valuations used for awards granted and the fair values assigned, during the year ended 31 December 2012.
Long-Term Remuneration Plan (LTRP) 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
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
LTRP Restricted Share Awards
3 April 2012 19,701,464 66.7p 0.0p
4 years 4 years 4.33% n/a n/a
0.0%
56.10p 10.60p
market price 50.0%
LTRP Deferred Share Awards
3 April 2012 1,382,076 66.7p 0.0p
3 years 3 years 4.33% n/a n/a
0.0%
58.58p 8.12p
market price n/a
2012 award 1 April 2012
19,569.54 units £75.50 per unit 3 years 3 years 0.0%
External valuation of F&C REIT LLP business
(a) The Long-Term Remuneration Plan 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.
(i) Deferred Share Awards The LTRP allows deferred awards to be granted to employees below Executive Director level, subject only to a time-vesting period of three years.
The number of Deferred Share Awards is as follows:
2012 No.
Outstanding at 1 January Granted during the year Exercised during the year Forfeited during the year Expired during the year
Outstanding at 31 December Exercisable at 31 December
The awards exercisable at 31 December 2012 and 31 December 2011 relate to good leavers.
2011 No.
36,957,268 39,371,737 1,382,076 15,437,379 (12,315,444) (10,697,991) (6,170,470) (983,387)
(850,501) (215,912)
24,957,487 36,957,268 957,480
1,773,667
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