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Whitehaven Coal Limited : Annual Report 2011
38 7. reMunerAtion rePort – AuDiteD (continueD) 7. 3 equity instruments – audited (continued) 7.3 .4 Vesting of options over equity instruments granted as compensation – audited Details of options vested during the year for each of the named executives and director-related entities are detailed below. Options granted Number Grant date % vested in year % Forfeited in year Financial years in which grant vests executives Austen Perrin 33,333 19 Feb 2009 100 – 2011 Director-related entities Allan Davies 1,666,666 17 Nov 2009 100 – 2011 The options provided to executives and the related entity of Mr Davies vested in accordance with the vesting dates disclosed in note 33 of the financial statements. 7.3 .5 Analysis of movements in options – audited The movement during the reporting period, by value, of options over ordinary shares in the Company held by director-related entities and each key management person is detailed below. Granted in year $ (A) Value of options exercised in year $ (B) Lapsed in year $ (C) executives Austen Perrin 517,000 – – Timothy Burt 336,250 – – Tony Galligan 439,250 – – (A) The value of options granted in the year is the fair value of the options calculated at grant date using the Black Scholes model or the Monte Carlo simulation model. The total value of the options granted is included in the table above. This amount is allocated to remuneration over the vesting periods 4 August 2010 to 1 July 2013. (B) The value of options exercised during the year is calculated as the market price of shares of the Company as at close of trading on the date the options were exercised after deducting the price paid to exercise the option. No options were exercised during the year. (C) The value of options that lapsed during the year represents the benefit forgone and is calculated at the date the option lapsed using the Black Scholes model or the Monte Carlo simulation model. No options lapsed in the year. 8. PrinciPAl ActiVities The principal activity of the Group during the period was the development and operation of coal mines in New South Wales. During the year ended 30 June 2011, Whitehaven Coal Limited and its controlled entities (‘the Group’) continued development at the Narrabri underground mine. DIRECTORS’ REPORT
Annual Report 2010
Annual Report 2012