references
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013 2013 FOR THE YEAR ENDED 30 JUNE
NOTE 16 - SHARE BASED PAYMENTS (Continued) Share Based Payments Reserve Opening Balance Fair value of shares/rights granted* Closing balance * The fair value of shares/rights granted on 14 December 2012. Performance Rights on Issue During the financial year ended 30 June 2013, the STI and LTI performance rights were granted at nil consideration in accordance with the approval of shareholders at the 2010 AGM. The fair value of these rights has been calculated using the Black-Scholes Option Pricing Model for STI and EOS5 Model for LTI. The assessed fair value at grant date of performance rights granted during the year ended 30 June 2013 was 23 cents per right for STI and 19 cents per right for LTI. The model inputs for the year included: STI LTI Granted 14 Granted 14 December December 2012 2012 Nil Nil 30 June 2015 30 June 2017 $ 536,989 $ 514,044 2,334,735 2,705,496 $0.23 $0.23 50% 50% 2.69% 2.69% 0.00% 0.00% 30 June 2013 30 June 2012 $ $ 646,222 646,222 -
Exercise price Expiry date Total fair value at grant date Number of rights granted Share price at grant date The expected price volatility Risk free interest rate Dividend yield
The expected price volatility is based on the historic volatility (based on the remaining life of the rights), adjusted for any expected changes to future volatility due to publicly available information. A summary of services and performance criteria to be met before beneficial interests vest to individuals is provided in the Remuneration Report. There were no performance rights granted or issued during the year ended 30 June 2012. NOTE 17 - RESERVES Share based payments reserve * Foreign currency translation reserve ** Note 16 30 June 2013 30 June 2012 $ $ 646,222 (2,241,465) (2,242,345) (1,595,243) (2,242,345)
Total reserves
* Share based payments reserve is used to recognise the fair value of shares and rights issued to employees of the company. ** The foreign currency translation reserve records exchange differences arising on translation of a foreign controlled subsidiary. NOTE 18 - EARNINGS PER SHARE CONSOLIDATED ENTITY 30 June 2013 30 June 2012 $ $ (a) Reconciliation of Earnings to Net Profit/(Loss) Net Profit/(Loss) for the year Earnings used in the calculation of basic EPS Earnings used in the calculation of diluted EPS (b) Weighted average number of ordinary shares outstanding during the year used in the calculation of basic EPS. Adjustment for calculation of diluted earnings per share Weighted average number of ordinary shares outstanding during the year used in the calculation of diluted EPS. 3,720,392 3,720,392 3,720,392 (4,618,666) (4,618,666) (4,618,666)
508,461,425 2,600,721 511,062,145
469,301,394 469,301,394
ICON ENERGY LIMITED 2013 Annual Report
ABN 61 058 454 569
72
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
63