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Whitehaven Coal Limited : Annual Report 2011
102 noteS to the Financial StatementS 30 june 2011 33. shARE-BAsEd PAymENTs (CONTiNuEd) c) movement in options (continued) The outstanding balance as at 30 June 2011 is represented by: (i) 200,002 senior employee options over ordinary shares having an exercise price of $1 00, exercisable on meeting the above conditions and until the dates shown above (ii) 3,000,000 senior employee options over ordinary shares having an exercise price of $2 50, exercisable on meeting the above conditions and until 22 October 2012 (iii) 5,000,000 director-related entity options over ordinary shares having an exercise price of $1 70, exercisable on meeting the above conditions and until 31 October 2013 (iv) 1,255,000 share acquisition rights having an exercise price of $0 00, exercisable on meeting the above conditions and until the dates shown above The weighted average share price at the date of exercise for share options exercised during the year ended 30 June 2011 was $6 68 (2010: $4 89) The weighted average remaining contractual life of share options outstanding at 30 June 2011 is 1 91 years (2010: 2 92 years) d) Option pricing models The fair value of options granted to director-related entities is measured using a Black Scholes model The fair value of options granted to the senior employees is measured using a Monte Carlo Simulation model incorporating the probability of the performance hurdles being met The following table lists the inputs to the models used for the years ended 30 June 2011 and 30 June 2010: Director-related entities Senior employees Fair value of share options and assumptions 2011 2010 2011 2010 Fair value at grant date – $2 41 $4 95-$5 33 – Share price – $4 42 $5 73-$6 20 – Exercise price – $1 70 $0 00 – Expected volatility (weighted average volatility) – 60% 40% – Option life (expected weighted average life) – 1-3 years 1-4 years – Expected dividends – 10% 1% – Risk-free interest rate (based on government bonds) – 350% 460-480% – All shared-based payments are equity settled
Annual Report 2010
Annual Report 2012