Possible reason is to reduce the large number of outstanding shares and increase the share price. In theory, there is no detrimental effect on management (or anyone for that matter) - although you have less shares, the price per share is increased proportionally. I am by no means advocating an RS because that is usually the death knell to a company. I know this Company has done it before and they seem not to want to do it again since it is so distasteful. Other than a buyback, I just don't know how they can reduce the large number of o/s shares. I am sure there is a creative way to do it. In my humble opinion, the large number weighs heavy on the Company's ability to increase its earning per share. Despite the restrictions on trading most of the shares, they are still issued and still dilute earning per share. That translates into lower investor interest and a lower stock price.
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