2.2.0.25falsefalse0209 - Disclosure - Equity Incentive Planstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>(9) EQUITY INCENTIVE PLANS</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><i>Stock Options and Stock Option Plans</i>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     Under the terms of our Amended and Restated 1993 Non-Employee Director Stock Option Plan, or
1993 Director Plan, options to purchase 20,000 shares of our common stock were granted to each of
our five non-employee directors in 1993, 1996, 1999 and 2002, and to a newly appointed director in
2001 and 2003. The exercise price of options granted under the 1993 Director Plan is fixed at the
market price at the date of grant. A total of 800,000 shares were reserved for issuance under the
1993 Director Plan. The options have a term of ten years. On April 21, 2006, the 1993 Director
Plan was terminated and, therefore, no additional shares were reserved for granting of options
under this plan, though options remain outstanding under this plan.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     In May 1998, the stockholders approved the GulfMark Offshore, Inc. 1997 Incentive Equity Plan
that replaced the 1987 Employee Plan. A total of 814,000 shares were reserved for issuance of
options or awards of restricted stock under this plan. Stock options generally become exercisable
in 1/3 increments over a three-year period and to the extent not exercised, expire on the tenth
anniversary of the date of grant. Under the terms of the 2010 Omnibus Equity Incentive Plan
(described below) which replaced the 1997 Incentive Equity Plan, no further shares have been
awarded.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     In May 2005, the stockholders approved the GulfMark Offshore, Inc. 2005 Non-Employee Director
Plan, or Director Plan. The terms of our Director Plan provide that each non-employee director will
receive an annual grant of stock awards. The non-employee director may also be granted an annual
stock option to purchase up to 6,000 shares of common stock. The exercise price of options granted
under the Director Plan is fixed at the fair market value of the common stock on the date of grant.
The maximum number of shares authorized under the Director Plan is 150,000.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     On June 8, 2010, the stockholders approved the GulfMark Offshore, Inc. 2010 Omnibus Equity
Incentive Plan that replaced the 1997 Incentive Equity Plan. A total of 1,000,000 shares of common
stock were reserved for issuance of stock options, stock appreciation rights, restricted stock,
stock units and performance cash awards under this plan.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     The following table summarizes the activity of our stock option incentive plans during the
indicated periods.
</div>
<div align="center">
<table style="font-size: 9pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="7%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>2008</b></td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Exercise</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Exercise</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Exercise</b></td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Shares</b></td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Price</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Shares</b></td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Price</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Shares</b></td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Price</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at beginning of year
</div></td>
<td> </td>
<td> </td>
<td align="right">457,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">15.75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">673,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">13.94</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">789,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">14.33</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Forfeitures
</div></td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercised
</div></td>
<td> </td>
<td> </td>
<td align="right">158,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11.63</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">216,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10.09</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">116,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16.56</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at end of year
</div></td>
<td> </td>
<td> </td>
<td align="right">299,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">17.92</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">457,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">15.75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">673,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">13.94</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercisable shares and weighted average exercise price
</div></td>
<td> </td>
<td> </td>
<td align="right">299,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">17.92</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">457,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">15.75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">673,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">13.94</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Shares available for future grants at December 31:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">2005 Director Plan
</div></td>
<td> </td>
<td> </td>
<td align="right">37,000</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">54,600</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,900</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">2010 Omnibus Equity Incentive Plan
</div></td>
<td> </td>
<td> </td>
<td align="right">985,294</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">-</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     The following table summarizes information about stock options outstanding at December
31, 2010:
</div>
<div align="center">
<table style="font-size: 9pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 20pt">
<td width="20%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="10%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11" style="border-bottom: 1px solid #000000"><b>Outstanding</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Exercisable</b></td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Weighted</b></td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Average</b></td>
</tr>
<tr style="font-size: 9pt" valign="bottom">
<td nowrap="nowrap" align="left">   <b>Range of Exercise Prices</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Shares</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Exercise Price</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Remaining Life</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Shares</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Exercise Price</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 1px">
<td colspan="21" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">$13.10 to $17.44
</div></td>
<td> </td>
<td> </td>
<td align="right">216,000</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">16.67</td>
<td> </td>
<td> </td>
<td colspan="3" align="center">0.91 years</td>
<td> </td>
<td> </td>
<td align="right">216,000</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">16.67</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">$19.37 to $21.25
</div></td>
<td> </td>
<td> </td>
<td align="right">83,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">21.17</td>
<td> </td>
<td> </td>
<td colspan="3" align="center">1.35 years</td>
<td> </td>
<td> </td>
<td align="right">83,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">21.17</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">299,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">17.92</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">299,650</td>
<td> </td>
<td> </td>
<td align="left">  $</td>
<td align="right">17.92</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 20pt">     Historically, we have used stock options as a long-term incentive for our employees,
officers and directors under the above-mentioned stock option plans. The exercise price of options
granted is equal to or greater than the market price of the underlying stock on the date of the
grant. Accordingly, consistent with the provisions of U.S. GAAP no compensation expense has been
recognized in the accompanying financial statements for these options. See Note 1 “Nature of
Operations and Summary of Significant Accounting Policies-Stock-Based Compensation”.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><i>ESPP</i>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     We have an employee stock purchase plan, or ESPP, that is available to all our U.S. employees
and certain subsidiaries and is qualified under Section 423 of the Internal Revenue Code. At the
end of each fiscal quarter, or Option Period, during the term of the ESPP, the employee
contributions are used to acquire shares of common stock at 85% of the fair market value of the
common stock on the first or the last day of the Option Period, whichever is lower. Prior to 2006,
these plans were considered non-compensatory and as such, our financial statements did not reflect
any related expense through December 31, 2005. However, effective January 1, 2006, we adopted FASB
ASC 718, <i>Stock Compensation</i>, and expense these costs as compensation. We have authorized the
issuance of up to 400,000 shares of common stock through these plans. At December 31, 2010, there
were 277,265 shares remaining in reserve for future issuance. See Note 1 “Nature of Operations and
Summary of Significant Accounting Policies – Stock-Based Compensation”.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><i>U.K. ESPP</i>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     Certain employees of our U.K. subsidiaries participate in a share incentive plan, which is
similar to our ESPP but contains certain provisions designed to meet the requirements of the U.K.
tax authorities. The shares purchased by our U.K. employees through the share incentive plan are
currently issued through our 2010 Omnibus Equity Incentive Plan, and were previously issued under
our Incentive Equity Plan.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><i>Executive Deferred Compensation Plan</i>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     We maintain an executive deferred compensation plan, or EDC Plan. Under the EDC Plan, a
portion of the compensation for certain of our key employees, including officers and directors, can
be deferred for payment after retirement or termination of employment. Under the EDC Plan, deferred
compensation can be used to purchase our common stock or may be retained by us and earn interest at
Prime plus 2%. The first 7.5% of compensation deferred must be used to purchase common stock and
may be matched by us. At December 31, 2010, a total of $2.8 million had been deferred into the
Prime plus 2% portion of the plan.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">     We have established a “Rabbi” trust to hold the stock portion of benefits under the EDC Plan.
The funds provided to the trust are invested by a trustee independent of us in our common stock,
which is purchased by the trustee on the open market. The assets of the trust are available to
satisfy the claims of all general creditors in the event of bankruptcy or insolvency. Accordingly,
the common stock held by the trust and our liabilities under the EDC Plan are included in the
accompanying consolidated balance sheets as treasury stock and deferred compensation expense.
</div>
</div>
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
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