|
SHARE OPTION AND RESTRICTED SHARE SCHEME (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| Fair Values of Restricted Shares Granted to Employees |
The fair values
of restricted shares granted to employees were estimated using the
following weighted average assumptions:
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| |
|
Granted in 2010 |
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Granted in 2011 |
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Risk-free interest
rates
|
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|
0.46%-2.61 |
% |
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|
0.14%-0.93 |
% |
|
Expected dividend
yield
|
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|
5 |
% |
|
|
5 |
% |
|
Fair value of restricted
shares
|
|
|
RM44.04 to
RMB49.27
|
|
|
|
RMB17.39 to
RMB22.62
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|
| Fair Values of Stock Options Granted to Employees were Estimated Using Following Weighted Average Assumptions |
The fair values
of stock options granted to employees were estimated using the
following weighted average assumptions:
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Granted in 2009 |
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Granted in 2011 |
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Suboptimal exercise
factor
|
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|
1.5 |
|
|
|
1.5 |
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Risk-free interest
rates
|
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|
2.94 |
% |
|
|
3.42 |
% |
|
Expected
volatility
|
|
|
60.40 |
|
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|
50.98 |
|
|
Expected dividend
yield
|
|
|
2.5 |
% |
|
|
2.5 |
% |
|
Fair value of share
option
|
|
|
RMB17.35 to
RMB22.37
|
|
|
|
RMB15.75 to
RMB19.85
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|
Estimated forfeiture
rate
|
|
|
2% per annum |
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|
2% per annum |
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| Company's Restricted Shares Activity under 2007 Stock Incentive Scheme |
The following
table summarized the Company’s restricted shares activity
under 2007 Stock Incentive Scheme:
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Number of
restricted shares |
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|
Weighted average
grant date
fair value (USD) |
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|
Outstanding, December 31,
2010 and January 1, 2011
|
|
|
777,000 |
|
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|
5,440,896 |
|
|
Granted
|
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|
12,670,000 |
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|
40,299,824 |
|
|
Exercised
|
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|
(155,400 |
) |
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|
(1,149,096 |
) |
|
Forfeited/Cancelled
|
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|
(136,000 |
) |
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|
(945,200 |
) |
|
Outstanding, December 31,
2011
|
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|
13,155,600 |
|
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|
43,646,424 |
|
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|
|
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|
Vested and expected to vest
as of December 31, 2011
|
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|
12,382,299 |
|
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|
41,166,971 |
|
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|
| Company's Share Option Activity |
The following
table summarizes the Company’s share option activity as of
and for the year ended December 31, 2010 and 2011.
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Number of
options |
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|
Weighted
average
exercise
price(USD) |
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Weighted
average
remaining
contractual life
(Years) |
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Aggregate
intrinsic
value (USD) |
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|
Outstanding,
December 31, 2010 and January 1, 2011
|
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|
11,385,629 |
|
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|
2.80 |
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|
2.95 |
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|
49,161,052 |
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Granted
|
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|
60,000 |
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|
6.71 |
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— |
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— |
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Exercised
|
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|
(7,993,119 |
) |
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|
2.50 |
|
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|
— |
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|
— |
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|
Forfeited/Cancelled
|
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|
(260,560 |
) |
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|
4.92 |
|
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|
— |
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|
— |
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Outstanding,
December 31, 2011
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|
3,191,950 |
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|
2.69 |
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|
2.61 |
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4,446.298 |
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Vested and expected to vest
at December 31, 2011
|
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3,128,111 |
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|
2.69 |
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|
2.61 |
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4,357.372 |
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Exercisable at
December 31, 2011
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|
2,187,850 |
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|
2.68 |
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|
2.36 |
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|
3,070.057 |
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Stock Option
|
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| Components of Share-based Compensation Expense in Absolute Amount and as Percentage of Net Revenue |
The following
table sets forth the components of share-based compensation expense
for share options issued to employees from the Company’s
share option scheme both in absolute amount and as a percentage of
net revenue for the year indicated.
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For the year ended
December 31 |
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|
2009 |
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|
2010 |
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2011 |
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|
(RMB) |
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|
(RMB) |
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|
(RMB) |
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|
(US$) |
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|
% |
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Net revenue
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|
1,303,835,447 |
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|
1,332,815,451 |
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|
1,792,217,309 |
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|
284,754,652 |
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|
100 |
% |
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Cost of services
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1,245,984 |
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|
612,529 |
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|
562,225 |
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|
89,329 |
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|
0.03 |
% |
|
Research and product
development expenses
|
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|
9,573,183 |
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|
6,664,626 |
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|
2,269,898 |
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|
360,650 |
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|
0.13 |
% |
|
Sales and marketing
expenses
|
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|
1,139,408 |
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|
60,891 |
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|
199,684 |
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|
31,727 |
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|
0.01 |
% |
|
General and administrative
expenses
|
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|
18,616,815 |
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|
14,532,565 |
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|
7,901,262 |
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|
1,255,384 |
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|
0.44 |
% |
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Total share-based
compensation included in cost of services and total operating
expenses
|
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|
30,575,390 |
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|
21,870,612 |
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|
10,933,069 |
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|
1,737,090 |
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|
0.61 |
% |
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Restricted Stock
|
|
| Components of Share-based Compensation Expense in Absolute Amount and as Percentage of Net Revenue |
The following
table sets forth the components of share-based compensation expense
for restricted shares issued to employees from the Company’s
share option scheme both in absolute amount and as a percentage of
net revenue for the year indicated.
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For the year ended
December 31 |
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|
2009 |
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2010 |
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2011 |
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| |
|
(RMB) |
|
|
(RMB) |
|
|
(RMB) |
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|
(US$) |
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% |
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Net revenue
|
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|
1,303,835,447 |
|
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|
1,332,815,451 |
|
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|
1,792,217,309 |
|
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|
284,754,652 |
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|
100 |
% |
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Cost of services
|
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|
— |
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|
1,180,570 |
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|
1,797,223 |
|
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|
285,550 |
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|
0.10 |
% |
|
Research and product
development expenses
|
|
|
— |
|
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|
7,994,861 |
|
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|
11,771,687 |
|
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|
1,870,333 |
|
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|
0.66 |
% |
|
Sales and marketing
expenses
|
|
|
— |
|
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|
368,900 |
|
|
|
518,445 |
|
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|
82,373 |
|
|
|
0.03 |
% |
|
General and administrative
expenses
|
|
|
— |
|
|
|
1,874,274 |
|
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|
4,314,757 |
|
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|
685,546 |
|
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|
0.24 |
% |
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Total share-based
compensation included in cost of services and total operating
expenses
|
|
|
— |
|
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|
11,418,604 |
|
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|
18,402,112 |
|
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|
2,923,802 |
|
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|
1.03 |
% |
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