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Dividend Equivalent Right |
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Dividend Equivalent Right In some employee stock options, the right of a shareholder to take more shares in the company for which he/she works in lieu of dividends on the shares he/she already holds.
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In connection with the declaration of the special dividend, the Board of Directors approved certain dividend equivalent rights, clarifying that holders of other Schiff equity awards, including stock options and certain restricted stock units, will receive dividend equivalents in the form of cash on each share underlying the stock options and restricted stock units. In connection with the declaration of the special dividend, the Board of Directors approved certain dividend equivalent rights, allowing holders of other Schiff equity awards, including stock options and restricted stock units, to receive dividend equivalents in the form of cash on each share underlying the stock options and restricted stock units. Additionally, as a result, of a new accounting pronouncement, dividends of $169,000 paid on unvested restricted stock were expensed in 2006 whereas similar dividends of $228,000 paid in 2005 were not expensed, and dividend equivalent rights of $363,000 paid in the 2006 first quarter were not expensed whereas $363,000 of dividend equivalent rights paid in the 2005 first quarter were expensed. |
Dividend Equivalent Rights |
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