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On January 1, Year 1 the Chantilly Corporation (CC) awarded 2 million shares of $5 par, restricted stock in equal amounts to 200 top executives,
On January 1, Year 1 the Chantilly Corporation (CC) awarded 2 million shares of $5 par, restricted stock in equal amounts to 200 top executives, subject to forfeiture if employment is not maintained over the 3-year vesting period. CC estimates that 180 executives will vest at the end of the 3-year vesting period. On the grant date the market value of Chantilly Corporation stock is $70 per share. On December 31, Year 3, (the end of the vesting period), CC determines that 185 executives have vested in the restricted stock award plan. Record compensation expense at the end of Years 1, 2, and 3
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