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Share-Based Compensation
9 Months Ended
Sep. 30, 2011
Share-Based Compensation

10. Share-Based Compensation

Share-based compensation expense was $1.3 million ($0.8 million net of tax) and $1.2 million ($0.8 million net of tax) for the three months ended September 30, 2011 and 2010, respectively, and $4.0 million ($2.6 million net of tax) and $3.8 million ($2.5 million net of tax) for the nine months ended September 30, 2011 and 2010, respectively.

Share-based awards issued in DPL's common stock will be distributed from treasury stock. DPL has sufficient treasury stock to satisfy all outstanding share-based awards.

Summarized share-based compensation activity for the three months ended September 30, 2011 and 2010 was as follows:

    Options       RSUs     Performance Shares
  2011     2010 2011   2010   2011 2010
Outstanding at beginning of period   500   351,500   - 3,311   296,591 307,985
Granted   -   -   - -   - -
Dividends   -   -   - -   - -
Exercised   (500 ) -   - (3,311 ) - -
Expired   -   -   - -   - -
Forfeited   -   -   - -   - -
Outstanding at period end   -   351,500   - -   296,591 307,985
Exercisable at period end   -   351,500   - -   - -

 

          Management Performance  
  Restricted Shares   Shares      
  2011   2010   2011   2010  
Outstanding at beginning of period 284,237   249,101   111,298   110,706  
Granted -   2,617   -   -  
Dividends -   -   -   -  
Exercised (25,585 ) (1,800 ) -   -  
Expired -   -   -   -  
Forfeited -   (7,635 ) (2,340 ) (1,494 )
Outstanding at period end 258,652   242,283   108,958   109,212  
Exercisable at period end -   -   -   -  

 

  Director RSUs  
  2011   2010  
Outstanding at beginning of period -   15,944  
Granted 14,392   -  
Dividends accrued 634   655  
Exercised and issued -   -  
Exercised and deferred (634 ) (471 )
Forfeited -   -  
Outstanding at period end 14,392   16,128  
Exercisable at period end -   -  

 

 

Summarized share-based compensation activity for the nine months ended September 30, 2011 and 2010 was as follows:

  Options         RSUs     Performance Shares  
  2011   2010   2011   2010   2011   2010  
Outstanding at beginning of year 351,500   417,500     - 3,311   278,334   237,704  
Granted -   -     - -   85,093   161,534  
Dividends -   -     - -   -   -  
Exercised (75,500 ) (66,000 )   - (3,311 ) -   (91,253 )
Expired (276,000 ) -     - -   (66,836 ) -  
Forfeited -   -     - -   -   -  
Outstanding at period end -   351,500     - -   296,591   307,985  
Exercisable at period end -   351,500     - -   -   -  

 

          Management Performance  
  Restricted Shares   Shares      
  2011   2010   2011   2010  
Outstanding at beginning of year 219,391   218,197   104,124   84,241  
Granted 67,346   42,796   49,510   37,480  
Dividends -   -   -   -  
Exercised (28,085 ) (10,803 ) (7,911 ) -  
Expired -   -   (31,081 ) -  
Forfeited -   (7,907 ) (5,684 ) (12,509 )
Outstanding at period end 258,652   242,283   108,958   109,212  
Exercisable at period end -   -   -   -  

 

  Director RSUs  
  2011   2010  
Outstanding at beginning of year 16,320   20,712  
Granted 14,392   15,752  
Dividends accrued 1,996   1,809  
Exercised and issued (2,066 ) (2,618 )
Exercised and deferred (16,250 ) (19,527 )
Forfeited -   -  
Outstanding at period end 14,392   16,128  
Exercisable at period end -   -  

 

As a result of the Proposed Merger, all outstanding share-based awards are subject to accelerated vesting either in their entirety or on a pro-rata basis. Share-based compensation expense is expected to increase upon merger close to reflect this accelerated vesting. See Note 16 of Notes to Condensed Consolidated Financial Statements.

DP&L [Member]
 
Share-Based Compensation

10. Share-Based Compensation

Share-based compensation expense was $1.3 million ($0.8 million net of tax) and $1.2 million ($0.8 million net of tax) for the three months ended September 30, 2011 and 2010, respectively, and $4.0 million ($2.6 million net of tax) and $3.8 million ($2.5 million net of tax) for the nine months ended September 30, 2011 and 2010, respectively.

Share-based awards issued in DPL's common stock will be distributed from treasury stock. DPL has sufficient treasury stock to satisfy all outstanding share-based awards.

Summarized share-based compensation activity for the three months ended September 30, 2011 and 2010 was as follows:

    Options       RSUs     Performance Shares
  2011     2010 2011   2010   2011 2010
Outstanding at beginning of period   500   351,500   - 3,311   296,591 307,985
Granted   -   -   - -   - -
Dividends   -   -   - -   - -
Exercised   (500 ) -   - (3,311 ) - -
Expired   -   -   - -   - -
Forfeited   -   -   - -   - -
Outstanding at period end   -   351,500   - -   296,591 307,985
Exercisable at period end   -   351,500   - -   - -

 

          Management Performance  
  Restricted Shares   Shares      
  2011   2010   2011   2010  
Outstanding at beginning of period 284,237   249,101   111,298   110,706  
Granted -   2,617   -   -  
Dividends -   -   -   -  
Exercised (25,585 ) (1,800 ) -   -  
Expired -   -   -   -  
Forfeited -   (7,635 ) (2,340 ) (1,494 )
Outstanding at period end 258,652   242,283   108,958   109,212  
Exercisable at period end -   -   -   -  

 

  Director RSUs  
  2011   2010  
Outstanding at beginning of period -   15,944  
Granted 14,392   -  
Dividends accrued 634   655  
Exercised and issued -   -  
Exercised and deferred (634 ) (471 )
Forfeited -   -  
Outstanding at period end 14,392   16,128  
Exercisable at period end -   -  

 

 

Summarized share-based compensation activity for the nine months ended September 30, 2011 and 2010 was as follows:

  Options         RSUs     Performance Shares  
  2011   2010   2011   2010   2011   2010  
Outstanding at beginning of year 351,500   417,500     - 3,311   278,334   237,704  
Granted -   -     - -   85,093   161,534  
Dividends -   -     - -   -   -  
Exercised (75,500 ) (66,000 )   - (3,311 ) -   (91,253 )
Expired (276,000 ) -     - -   (66,836 ) -  
Forfeited -   -     - -   -   -  
Outstanding at period end -   351,500     - -   296,591   307,985  
Exercisable at period end -   351,500     - -   -   -  

 

          Management Performance  
  Restricted Shares   Shares      
  2011   2010   2011   2010  
Outstanding at beginning of year 219,391   218,197   104,124   84,241  
Granted 67,346   42,796   49,510   37,480  
Dividends -   -   -   -  
Exercised (28,085 ) (10,803 ) (7,911 ) -  
Expired -   -   (31,081 ) -  
Forfeited -   (7,907 ) (5,684 ) (12,509 )
Outstanding at period end 258,652   242,283   108,958   109,212  
Exercisable at period end -   -   -   -  

 

  Director RSUs  
  2011   2010  
Outstanding at beginning of year 16,320   20,712  
Granted 14,392   15,752  
Dividends accrued 1,996   1,809  
Exercised and issued (2,066 ) (2,618 )
Exercised and deferred (16,250 ) (19,527 )
Forfeited -   -  
Outstanding at period end 14,392   16,128  
Exercisable at period end -   -  

 

As a result of the Proposed Merger, all outstanding share-based awards are subject to accelerated vesting either in their entirety or on a pro-rata basis. Share-based compensation expense is expected to increase upon merger close to reflect this accelerated vesting. See Note 16 of Notes to Condensed Consolidated Financial Statements.