Date Posted
AT&T has provided the union with official notice of the amount of the 2014 SSP Award. The closing stock price (September 30th) marks the end of the 2014 SSP Award Year. Calculations are as follows:
The Award was based on the Stock Appreciation Value plus the Dividend Rate Value.
The Beginning Award Value of the October 1, 2013 closing AT&T stock price was $34.06 and the Ending Award Value of the September 30, 2014 AT&T closing stock price was $35.24. The Increase in value is $1.18. (150 * 1.18 = 177)
The Award includes a Dividend Rate Value component for dividends declared during the Award Year. The dividends were paid out all four quarters at a rate of .46 per share. .46 x 4= 1.84(150 * 1.84= 276)
The total payout for the 2014 SSP Award Year is $453.00 per eligible* employee .(150 success units x (($35.24 – $34.06 = $1.18 Stock Appreciation) + (0.46 declared dividend quarterly x 4 = $1.84).
AT&T Payment will be made on November 21 or November 26, 2014 depending on payroll cycle.
Frontier is expecting to process these checks on November 21, 2014, They are still waiting for official notification from AT&T.
Employees eligible for payments as described above are those regular,temporary and term employees who are on the payroll on both the beginning and ending dates of the award year and who work for a minimum of three (3) months within the award year in a position covered by this Collective Bargaining Agreement. Eligible employees who are on approved leaves of absence, short term disability absence or partial disability absence and meet the other eligibility requirements on the ending date of the award year shall receive a payment, provided they return to duty on or before December 31 of the year in which the payment is made.
