Olddog, Thanks for your LTIP reply...
I think you're right about the amortization and total cost of the Cycle 1 expenses. I was keying off of IDCC's 4/5/04 Press Release which did not mention that 370,000 total RSU shares were issued.
Per the 3Q04 10-Q, Cycle 1 runs from 4/1/04 to 1/1/06, or about 21 months. For some unknown reason, 65% of the total Cycle 1 cost was amortized over the first 9 months (43%) of the cycle.
If this front-loaded amortization also applies to Cycle 2, 2005 could be hit much of the total cost for the second cycle. Cycle 2's total cost appears to be about $16.8 Mil (Cycle 1 $10.7 Mil x 1.57).
Obviously, my earlier estimate of $24 Mil was way overblown. A much more reasonable amount in light of your very helpful reply would put total 2005 LTIP amortization at about $15 Mil.
texb
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