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Exhibit 99.1
AIRTRAN HOLDINGS, INC. ANNOUNCES ACCELERATED
VESTING OF STOCK OPTIONS WITH
EXERCISE PRICES IN EXCESS OF CURRENT MARKET
PRICE
Air Tran Holdings, Inc.
(NYSE-AAI)today announced it has accelerated the vesting of
unvested stock options awarded more than one year ago to employees
and officers under its stock option plans that had exercise prices
greater than the current price of the stock $10.68. The unvested
options to purchase approximately 352,000 additional shares became
exercisable as a result of the vesting acceleration. Typically
stock options granted at AirTran vest equally over a three year
period. Of the accelerated options, options on approximately
201,000 shares are held by the Company’s pilots, with the
remainder held by the Company’s officers and management
employees. No options held by the Company’s Chairman and CEO
are covered by this action.
The purpose of the accelerated
vesting is to permit AirTran Holdings to not recognize in its
income statement compensation expense associated with out-of-the
money options in future periods, upon adoption of FASB Statement
No. 123R (Share-Based Payment) in January 2006. The charge to the
income statement which would otherwise be re
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