ABN 61 058 454 569
ICON ENERGY LIMITED
2015 Annual Report
67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
67
FOR THE YEAR ENDED 30 JUNE 2015
NOTE 12 - SHARE BASED PAYMENTS (Continued)
Performance Rights on Issue
The model inputs for the year ended 30 June 2014 included:
STI
LTI
Granted
1 July 2013
Granted
25 November
2013
Exercise price
Nil
Nil
Expiry date
30 June 2016 30 June 2018
Total fair value at grant date
543,646
$
368,552
$
Number of rights granted
3,883,186 4,494,537
Share price at grant date
$0.140
$0.082
The expected price volatility
50%
50%
Risk free interest rate
2.69% 2.69%
Dividend yield
0.00% 0.00%
NOTE 13 - RESERVES
30 June 2015 30 June 2014
Note
$
$
Share based payments reserve *
12
605,649
877,588
Foreign currency translation reserve **
(2,238,385)
(2,241,722)
T
o
tal
reserv
es
(1,632,736)
(1,364,134)
30 June 2015 30 June 2014
$
$
(a)
(5,863,547)
(1,017,551)
(5,863,547)
(1,017,551)
(5,863,547)
(1,017,551)
(b)
615,926,074 581,541,523
-
5,672,484
615,926,074 587,214,008
(0.95)
(0.17)
(0.95)
(0.17)
Weighted average number of ordinary shares outstanding during
the year used in the calculation of diluted EPS.
CONSOLIDATED ENTITY
Earnings used in the calculation of diluted EPS
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.
During the financial year ended 30 June 2015, there were no STI or LTI performance rights granted.
NOTE 14 - EARNINGS PER SHARE
Net Profit/(Loss) for the year
Reconciliation of Earnings to Net Profit/(Loss)
A summary of services and performance criteria to be met before beneficial interests vest to individuals is provided in the
Remuneration Report.
Diluted earnings/(loss) per share (cents per share)
Earnings used in the calculation of basic EPS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Basic earnings/(loss) per share (cents per share)
Adjustment for calculation of diluted earnings per share
* 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.
Weighted average number of ordinary shares outstanding during
the year used in the calculation of basic EPS.
During the financial year ended 30 June 2014, 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 2014 was 14.9 cents per right for STI and 8.2 cents per right for LTI.
