Under its restricted stock award plan, Urivi grants 1 million of its no par common shares to each of five key executives on January 1, 20X7. The awards vest 1/4 at the end of each year. The unvested shares are subject to forfeiture if employment is terminated . Shares have a current price of $12 per share and a similar option would have a fair value of $11. One executive leaves the company on January 1, 20X9. How much cumulative compensation expense would be recognized for these awards at the end of 4 years?

Select one:

a.$55,000,000

b.$48,000,000

c.$60,000,000

d.$54,000,000

e.$49,500,000