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How much compensation expense related to restricted stock

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Reference no: EM132515

Question:

On 1st December, 2009, Twilight Corporation decided upon a plan to issue to its CEO one share of its $1 par common stock as restricted stock.

On January 1, 2010, Twilight Company gave its CEO the one share of restricted stock. The CEO had to work for 1 year to earn the right to keep the stock (i.e., a one-year vesting period). So, it would relate to the CEO with no restrictions as of January 1, 2011.

Twilight's common stock was initially issued in 2007 at $45/share. Twilight repurchased as Treasury Stock on December 17, 2009 (for $43/share) the share of stock that it gave to its CEO.

The fair market value of the stock was $42 on 1st December, 2009, $44/share on January 1, 2010, and Twilight's goal is to have its stock price be $48/share on January 1, 2011.

How much compensation expense related to the restricted stock should Twilight report on its 2010 income statement?

Reference no: EM132515

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