Which of the following statements about stock-based compensation are correct or incorrect?
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Statement #1: |
The grant date of a service-based award is the date when the employees’ benefits are fully vested. |
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Statement #2: |
When two or more performance conditions must be satisfied, the requisite service period ends when the first condition is met. |
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The grant date is the date an award is approved by the board of directors or compensation committee. When two or more performance conditions must be satisfied, the requisite service period does not end until all conditions are met.
Jason Moore, CFA, is a credit analyst for Everest Bank in New York in their investment banking division. An existing customer of the bank, Longhorn Partners, which is based in Texas, has approached the bank for a $45 million loan to be used to acquire a smaller competitor. Moore has been appointed head of the credit team that will review Longhorn’s current business with the bank as well as their current operations in order to assess Longhorn’s request.
Overall, Longhorn has achieved consistent profitability over the last decade. The company is appropriately leveraged and appears to be well-run by its senior management team. However, there are a couple of items in the company’s financial statements that Moore believes may warrant further analysis.
Moore notices in the footnotes to the financial statements that two years ago, several changes in the company’s overall compensation plan were enacted. First, top managers of the company received significantly more stock options than they had in the past. In aggregate, options for 25,000 common shares at an exercise price of $40 per share were granted last year, which are scheduled to vest 25% a year until fully vested in four years. In addition, an employee stock purchase plan was implemented that same year. According to the plan, full-time employees who have completed at least one full year of service with Longhorn have the opportunity to purchase up to 250 shares each at a 5% discount on the anniversary date of their employment.
For many years, Longhorn has also offered to its fulltime employees a traditional, pension plan. It is a pay-related defined benefit plan, in which upon retirement, eligible employees are promised an annual pension payment of 3% per year of service times their annual salary at retirement. Select information regarding the pension plan from Longhorn’s most recent financial statement is as follows:
| Pension Benefit Obligation (PBO) | $85,475,000 |
| Accumulated Benefit Obligation (ABO) | 65,250,000 |
| Fair value of plan assets | 71,365,000 |
| Net pension liability | 5,450,000 |
| Discount rate | 6.25% |
Assume that the stock price at the grant date of the 25,000 stock options was $30 per share and that an option-pricing model values the total option value at $100,000. Which of the following statements concerning the stock options is most accurate? Longhorn should recognize:
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Under the required “fair value” method, compensation expense is based on the fair value of the options on the grant date, which is then evenly allocated over the vesting period. (Study Session 6, LOS 23.i)
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When the options are exercised, Longhorn’s cash balances will increase by $200,000 (= 5,000 options × $40 exercise price), with an offsetting increase in shareholders’ equity. The exercise of options previously granted will have no effect on the current period’s compensation expense, as the schedule over which the compensation expense will be recognized was established at the time of the grant. (Study Session 6, LOS 23.i)
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Because the discount of the stock purchase plan is considered noncompensatory (generally 5% or less), Longhorn does not have to recognize any compensation expense associated with this program. If a plan is considered compensatory, then the compensation expense would be recognized over the remaining service life of the employees. (Study Session 6, LOS 23.i)
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A plan is underfunded when the PBO exceeds the fair market value of the plan assets. In this case, the PBO exceeds the plan assets by $14,110,000 (= $85,475,000 ? 71,365,000). (Study Session 6, LOS 23.d)
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Decreasing the assumed discount rate used to calculate the present value of the pension obligations will increase the PBO. (Study Session 6, LOS 23.c)
Ignoring taxes, what adjustment is necessary to Longhorn’s net pension liability and other comprehensive income in order to comply with current U.S. accounting standards?
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Net pension liability |
Other comprehensive income |
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According to current U.S. accounting standards, the funded status must be reported on the balance sheet. The plan is underfunded by $14,110,000 ($71,365,000 Plan assets – $85,475,000 PBO). Since Longhorn is reporting a liability of $5,450,000, an additional liability of $8,660,000 ($14,110,000 required liability – $5,450,000 reported liability) must be reported. The increase in net pension liability is offset by a decrease in other comprehensive income. (Study Session 6, LOS 23.d)
支取住房公积金的有效途径及相关方法
1、购买具有所有权的自住住房
● 购买商品房、二手房以及公有住房房款已付清的；
购房合同（公有住房出售合同）、购房发票（个人购房交款凭证）、所购住房的房地产权证、提取人与购房人的关系证明；
● 购买公有住房直接使用公积金冲抵房款的；
公有住房出售合同、个人购房交款凭证（一式五联未加盖建行业务章或现金收讫章）、提取人与购房人的关系证明；
● 动拆迁安置产权住房
房屋动拆迁安置协议书、房地产权证、安置住房超安置费用部分的发票或收据、提取人与产权人的关系证明；
● 购买拍卖产权房
房屋拍卖确认书、房地产权证、购买拍卖房的发票或收据、提取人与产权人的关系证明；
2、建造、翻建、大修具有所有权的自住住房
● 建造、翻建具有所有权的自住住房
乡镇或城镇用地证明(土地使用证)或原房地产权证、区、县建管部门同意建造、翻建的批复、提取人与建房人或土地使用人或原产权人的关系证明；
● 大修具有所有权的自住住房
区、县房管部门关于房屋需要大修的证明（城镇地区私房可凭危房督修通知）、乡镇或城镇用地证明或原房地产权证、大修工程费用的收据或发票、提取人与土地使用人或原产权人的关系证明；
3、离退休
离、退休人员本人的离、退休证（失业人员无法取得离退休证可凭养老金发放卡）；
4、死亡
户口注销原因是死亡的户籍证明或法院宣告死亡证明或医院死亡鉴定通知书、继承人合法继承身份的证明材料（可以是与死亡职工的关系证明或经公证处公证的遗赠书或法院的判决书、裁定书、调解书）；
5、户口迁出本市
户口注销迁出本市的户籍证明（或外省市的户籍证明）；
6、出境定居
注销原因为出境定居的户籍证明或出境定居的签证和由指定机构提供签证翻译件；
7、完全丧劳
市或区(县)劳动能力鉴定委员会关于完全丧失劳动能力的证明、职工与所在单位终止劳动关系的证明；
8、外省市户籍职工与本市单位终止劳动关系
外省市户籍证明、职工与本市单位终止劳动关系的证明；
9、一次性提前结清贷款本息
贷款银行的结清证明和借款合同（或所购房屋的房地产权证）、提取人与借款人的关系证明和身份证；
10、合并账户
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