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Whitehaven Coal Limited : Annual Report 2010
98 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2010 33. SHARE-BASED PAYMENTS (CONTINUED) d) Option pricing models The fair value of options granted to entities associated with the directors is measured using Black Scholes barrier options techniques, incorporating the probability of the performance hurdles being met. The fair value of options granted to the senior employees is measured using a Black Scholes model. The following table lists the inputs to the models used for the years ended 30 June 2010 and 30 June 2009: Director related entities Senior employees Fair value of share options and assumptions 2010 2009 2010 2009 Fair value at grant date 240.9 cents -- -- 144.3 cents Share price $4.42 -- -- $1.51 Exercise price $1.70 -- -- $1.00 Expected volatility (weighted average volatility) 60% -- -- 30% Option life (expected weighted average life) 1--3 years -- -- 1--4 years Expected dividends 10% -- -- 10% Risk-free interest rate (based on government bonds) 3.50% -- -- 3.00% All shared based payments are equity settled.
Annual Report 2009
Annual Report 2011