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Plan (ESOP). Both schemes were introduced in 1985, and have been subsequently amended and approved by shareholders at Annual General Meetings. A number of sub-plans exist under the ESPP, including the Employee Incentive Share Plan (EISP) and the Senior Executive Retention Share Plan (SERSP). Information relating to these schemes is set out in note 27. Amcor Limited and its controlled entities Notes to the financial statements 30 June 2010 Page 19 Note 1. Summary of Significant Accounting Policies (continued) (s) Employee benefits (continued) Share-based payments (continued) The fair value of options granted is recognised as an employee benefit expense in the income statement with a corresponding increase in the share-based payments reserve in equity and is spread over the vesting period during which the employees become unconditionally entitled to the options. The fair value is measured at grant date taking into account market performance conditions, but excludes the impact of any non-market vesting conditions (eg profitability and sales growth targets). Non-market vesting conditions are included in the assumptions about the number of options that are expected to be exercisable. The fair value of options granted is measured using the Black Scholes option pricing model that takes into account the exercise price, term of the option, impact of dilution, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. At each reporting period the fair value of the options granted is adjusted to reflect market vesting conditions, including revising the estimate of the number of options that are expected to become exercisable. Any impact to the revision of an original estimate is recognised in the income statement with a corresponding adjustment to the share-based payment reserve. The employee expense, recognised each period, reflects the most recent estimate. Upon exercise of the options, the balance of the share-based payments reserve, relating to those options, is transferred to share capital. The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of earnings per share (see note 9). Where loans are made to assist in the purchase of shares under a sub-plan, they are treated as a reduction in equity and not recognised as a receivable and the repayments are recorded as contributions to share capital. Shares are held in trust until the loan is settled. When the Company grants options over its shares to employees of subsidiaries, the fair value at grant date is recognised as an increase in the investment in subsidiaries, with a corresponding increase in equity over the vesting period of the grant. (t) Retirement benefit obligations Defined contribution plans |
