Quarterly report pursuant to Section 13 or 15(d)

Share-Based Employee Compensation (Tables)

v2.4.0.6
Share-Based Employee Compensation (Tables)
 3 Months Ended
Mar. 31, 2013
Summary of Management Ncl Corporation Units Activity

The following is a summary of the Management NCL Corporation Units activity for the three months ended March 31, 2013:

 

     Number of
Management NCL  Corporation Units 		 
     TBUs      PBUs  

Outstanding as of December 31, 2012

      2,265,554         3,495,737   

Granted

      —           —     

Forfeited

      —           —     
  

 

 

     

 

 

  

Outstanding as of March 31, 2013

      2,265,554         3,495,737   
  

 

 

     

 

 

  

Vested as of March 31, 2013

      1,641,326         875,364   
  

 

 

     

 

 

  

Non-vested as of March 31, 2013

      624,228         2,620,373
Assumptions Used within Valuation

The assumptions used within the valuation were as follows:

 

      Three months
ended
March 31, 2013 		 

Dividend yield

      0 % 

Expected share price volatility

      50.0 % 

Risk-free interest rate

      1.0 % 

Expected term

      6 years   

 

An additional 432,500 options were granted to other employees and generally vest in equal installments over a five year period. The fair value of the 432,500 share options at the date of grant were estimated using a Black-Scholes-Merton option-pricing valuation model. The assumptions used within the valuation were as follows:

 

      Three months
ended
March 31, 2013 		 

Dividend yield

      0 % 

Expected share price volatility

      54.8 % 

Risk-free interest rate

      0.8 % 

Expected term

      5 years   
Summary of Option Activity

The following is a summary of option activity under our share option plan for the three months ended March 31, 2013:

 

     Number of
Share Option Awards 		     Weighted-Average
Exercise Price 		     Weighted-Average
Exercise Price 		 
     Time-Based      Performance-Based      Time-Based      Performance-Based  

Outstanding as of December 31, 2012

      —           —           

Granted

      1,671,113         1,579,939       $ 19.00       $ 19.00   

Forfeited

      —           —           —           —     

Exercised

      —           —           —           —     
  

 

 

     

 

 

        

Outstanding as of March 31, 2013

      1,671,113         1,579,939       $ 19.00       $ 19.00   
  

 

 

     

 

 

        

Vested as of March 31, 2013

      734,226         —         $ 19.00         —     
  

 

 

     

 

 

        

Non-vested as of March 31, 2013

      936,887         1,579,939       $ 19.00       $ 19.00