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Federal Agricultural Mortgage Corp. Message Board

  • davethepackerfan davethepackerfan Dec 4, 2009 1:48 PM Flag

    Management has 255,000 reasons why to care about the stock price

    Don't let the shorts fool you, management cares. They have 255,00 SARs that vest starting next year. They are basically options at 5.93 per share. From the 10Q:




    The following tables summarize information regarding stock options, SARs and nonvested restricted stock outstanding as of September 30, 2009:


    Outstanding Exercisable Vested or Expected to Vest
    Weighted- Weighted- Weighted-
    Stock Average Stock Average Stock Average
    Range of Options Remaining Options Remaining Options Remaining
    Exercise and Contractual and Contractual and Contractual
    Prices SARs Life SARs Life SARs Life

    $5.00 - $ 9.99 255,000 9.4 years 30,000 9.0 years 220,500 9.5 years
    10.00 - 14.99 - - - - - -
    15.00 - 19.99 81,722 4.5 years 81,722 4.5 years 81,722 4.5 years
    20.00 - 24.99 550,588 4.6 years 550,588 4.6 years 550,588 4.6 years
    25.00 - 29.99 653,487 5.1 years 530,288 4.5 years 642,634 5.0 years
    30.00 - 34.99 213,668 2.4 years 205,664 2.2 years 211,267 2.3 years

    1,754,465 1,398,262 1,706,711


    Outstanding Expected to Vest
    Weighted- Weighted-
    Weighted- Average Average
    Average Nonvested Remaining Nonvested Remaining
    Grant-Date Restricted Contractual Restricted Contractual
    Fair Value Stock Life Stock Life

    $ 5.93 200,548 1.4 years 180,493 1.4 years


    The weighted-average grant date fair value of options and SARs granted during the nine months ended 2009 and 2008 was $4.12 and $11.33 per share, respectively. The weighted-average grant date fair value of shares of restricted stock granted during the nine months ended 2009 was $5.93 per share. No shares of restricted stock were granted in 2008. The fair values for SARs and stock options were estimated using the Black-Scholes option pricing model based on the following assumptions:

    SARs and Stock Options
    2009 2008
    Risk-free interest rate 1.5 % 2.5 %
    Expected years until exercise 7 years 6 years
    Expected stock volatility 104.3 % 43.2 %



    (f) Reclassifications


    Certain reclassifications of prior period information were made to conform to the current period presentation.

 
AGM
40.24+0.67(+1.69%)Aug 26 4:02 PMEDT