Non-GAAP compensation expense for the fourth quarter of 2010 of $62.5 million included approximately $7.0 million related to the recognition of 100 percent of stock-based compensation expense associated with equity awards granted in connection with 2010 year-end bonuses. It was determined in the fourth quarter of 2010 that the vesting terms for those awards would exclude continued employment as a condition to vesting. Outstanding awards granted in connection with year-end bonuses for years prior to 2010 were modified to include the same vesting terms which resulted in the acceleration of expense associated with those awards (the results of which are reflected as an adjustment to GAAP compensation expense to arrive at non-GAAP compensation expense within the “Reconciliation of GAAP to Non-GAAP Income from Continuing Operations” tables below).This compensation methodology was changed in the third quarter of 2011, at the recommendation of the Company’s recently hired Chief Executive Officer, with the expectation that the terms of equity awards to be granted in connection with future annual bonuses will generally provide for continued employment as a vesting condition, resulting in expensing awards over the future vesting period rather than immediately.
Gleacher & Company Reports Fourth Quarter And Year End 2011 Financial Results
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