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CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
13. Other Non-Current Liabilities
Other non-current liabilities consist of the following at:
| |
December 31, |
 |
|
| |
2004 |
|
2003 |
|
|
|
| |
(In thousands) |
| Deferred compensation and retirement plan obligations |
$ |
21,387 |
|
$ |
15,058 |
|
| Deferred revenue |
|
1,614 |
|
|
2,645 |
|
| Other liabilities and contingencies |
|
15,818 |
|
|
21,160 |
|
|
|
|
| Total |
$ |
38,819 |
|
$ |
38,863 |
|
|
|
|
|
|
|
|
Other liabilities and contingencies include long-term deposits and accruals for tax contingencies. These accruals have been recorded to address potential exposures involving tax positions that could be challenged by taxing authorities.
14. Capital Stock
The Company has stock compensation plans pursuant to which it is authorized to grant restricted stock and options to purchase stock for up to 9.5 million shares of the Company’s common stock, of which 0.7 million shares remain available for grant as of December 31, 2004. Restricted stock and stock options may be granted to officers, key employees and non-employee directors.
Restricted Stock.
The following table is a summary of activity related to restricted stock grants to non-employee directors and key employees for the year ended December 31,
| |
2004 |
|
2003 |
|
2002 |
|
|
|
|
| Restricted Shares Granted |
|
204,460 |
|
|
7,428 |
|
|
109,894 |
|
| Weighted Average Grant Date Fair Value per share |
$ |
39.00 |
|
$ |
24.23 |
|
$ |
20.94 |
|
| Aggregate Grant Date Fair Value ($000) |
$ |
7,973 |
|
$ |
180 |
|
$ |
2,301 |
|
| Restricted Shares Forfeited |
|
2,055 |
|
|
— |
|
|
— |
|
| Vesting Period of Shares Granted |
3-5 years |
|
3 years |
|
5 years |
|
The Company incurred compensation expense totaling $2.5 million, $0.9 million and $1.7 million related to the vesting of restricted stock during the years ended December 31, 2004, 2003 and 2002, respectively.
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