ESOARSEmployee Stock Option Appreciation Rights Securities (trademark of Zions Bancorporation)
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The SEC's analysis of ESOARS says the method is an acceptable market-based approach to valuing employee share-based payments under Statement no.
ESOARS take advantage of the market-value alternative to option-pricing models allowed by paragraph 22 of Statement no.
Zions developed ESOARS with an eye toward solving some of the problems that delayed FASB's imposition of fair value accounting in Statement no.
Zions plans to offer 180,000 ESOARS units in connection with this grant.
Additional information about ESOARS can be found at http://www.
In its 2007 second quarter earnings release, Zions announced that it was using the valuation obtained from the ESOARS auction in its financial statements.
ESOARS entitle holders to receive specified payments from Zions Bancorporation upon the exercise of those employee stock options.
The ESOARS were offered to provide a market basis to determine the fair value of stock options granted to employees under Statement of Financial Accounting Standards (SFAS) No.
This successful ESOARS auction supports the effectiveness of this method for valuing employee stock options," said W.
Zions plans to offer approximately 98,770 ESOARS in connection with the anticipated grant.
Although the SEC has expressed a belief that a properly designed and executed open market approach valuing employee stock options might work, and FAS 123R indicates a preference for a market price, the ESOARS method has not been evaluated or approved by either the Financial Accounting Standards Board or the SEC.
Zions Bancorporation hopes to be the first option-granting company to issue ESOARS," said W.