Development


Over the financial years 2011/2010 the number of options changed as follows:

 

 

2011

2010

 

Number of options/option packages*

Cash settlement
in € thousands

Number of options/option packages*

Cash settlement
in € thousands

*

The outperformance option and the performance option from the 2009 and 2008 programmes are known as an option package.

Outstanding options on 1.1.

10,329

– 

9,884

– 

Options issued

8,881

– 

3,697

– 

Expired or unused options

6

– 

126

– 

Options exercised

3,195

4,764

3,126

16,231

Outstanding options on 31.12.

16,009

– 

10,329

– 

On 1 January 2011 members of the Executive Board, managers and non-payscale staff held 2,481,196 shares under the various programmes, and on 31 December 2011 they held 2,954,982 shares.

The fair values of the nine options programmes still running were calculated using Monte Carlo simulations. This involves simulating the future returns of the shares in the index and of Deutsche Lufthansa AG and calculating the value of the option rights as the forecast amount of a payment.

The following fair values were measured in total:

 

 

 

in € per option

Own investment

Fair value

Executive Board

 

 

Options 2009

2,000

13,907

Options 2010

2,000

11,506

Options 2011 (after three years)

2,000

11,056

Options 2011 (after four years)

11,425

 

 

 

Managers

 

 

Options 2009

2,000

5,563

Options 2010

2,000

4,602

Options 2011 (after three years)

2,000

4,420

Options 2011 (after four years)

4,578

 

 

 

Non-payscale staff

 

 

Options 2009

1,000

703

Options 2010

1,000

588

Options 2011 (after three years)

1,000

557

Options 2011 (after four years)

576

The weighted average share prices at the calculation date were used in the Monte Carlo simulation. As stated in the terms of the programme, these are 50-day averages for the shares of Deutsche Lufthansa AG and the competitors included in the comparative index. The volatilities and correlations used are forecasts for a specific date and maturity on the basis of current market estimates.

Swap rates for the remaining term of the outperformance option were used as interest rates in each case. The maximum term of the programmes was used for measurement purposes.

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