 |
 |
 |
The Company operates an equity settled share based compensation plan (PSP) and an employee Sharesave Option Scheme (SAYE). Details of these Schemes, awards granted and options outstanding are set out in the remuneration report. The charge to the Income Statement of £148,000 (2008: £187,000) in respect of PSP and SAYE options granted after 7 November 2002 has been calculated using the Monte Carlo and Black Scholes pricing models, respectively and the following principal assumptions.
|
2009 |
2009 |
2008 |
2008 |
|
|
|
SAYE |
PSP |
SAYE |
PSP |
|
Weighted average fair value (£) |
0.56 |
0.15 |
0.56 |
0.99 |
|
Key assumptions used: |
|
|||
|
Weighted average share price (£) |
2.11 |
0.32 |
2.11 |
1.64 |
|
Range of exercise prices (£) |
1.33-1.72 |
0.0 |
1.33-1.72 |
0.0 |
|
Volatility (%) |
25 |
35 |
25 |
25 |
|
Range of risk-free interest rate (%) |
4.15-5.13 |
3.75-4.00 |
4.15-5.13 |
4.22-4.91 |
|
Range of expected option term (yrs) |
3.0-7.0 |
3.0 |
3.0-7.0 |
3.0 |
|
Dividend yield (%) |
4.5 |
3.0 |
4.5 |
4.5-5.0 |