170 | CapitaLand Limited Annual Report 2014
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
22 EMPLOYEE BENEFITS
(cont’d)
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(cont’d)
CapitaLand Share Option Plan
(cont’d)
Movements in the number of outstanding options and their related weighted average exercise prices are
as follows
Weighted
average
exercise
price
2014
$
No. of
options
2014
(‘000)
Weighted
average
exercise
price
2013
$
No. of
options
2013
(‘000)
At 1 January
2.99
7,168
2.87
8,107
Exercised
1.68
(824)
1.88
(872)
Lapsed/Cancelled
3.44
(548)
3.49
(67)
At 31 December
3.13
5,796
2.99
7,168
Exercisable on 31 December
3.13
5,796
2.99
7,168
Options exercised in 2014 resulted in 824,178 (2013 871,704) shares being issued at a weighted average
market price of $2.97 (2013 $3.54) each. Options were exercised on a regular basis throughout the year.
The weighted average share price during the year was $3.11 (2013 $3.36).
The fair value of services received in return for options granted is measured by reference to the fair value of
options granted. The fair value of the options granted is measured based on Enhanced Trinomial (Hull and
White) valuation model.
Options outstanding at the end of the year are summarised below
Range of Exercise Price
Options
outstanding
2014
(‘000)
Weighted
average
contractual
life
(years)
Options
outstanding
2013
(‘000)
Weighted
average
contractual
life
(years)
$0.45 to $0.50
–
–
137
0.16
$0.51 to $1.43
–
–
15
0.65
$1.44 to $2.16
507
0.21
1,095
1.19
$2.17 to $4.10
5,289
1.20
5,921
2.21
5,796
7,168
