60 annual report 2012  kAThMANdu key Management Personnel Senior Management the performance hurdles set for rights issued during 2011 were not met for the year ending 31 July 2012 and accordingly no  expense has been recorded in the income statement. the fair value of the rights have been assessed as the Kathmandu holdings limited share price as at the grant date less the  present value of the dividends forecast to be paid prior to the vesting date. the fair value of each right has been calculated to be  nZ$2.35 per right (2011: $1.50). performance rights granted to each employee vest upon the Company achieving specified performance hurdles and the employee  remaining in employment with the Company until the vesting date. the performance hurdles and vesting dates are summarised  below: performance rights granted to Key Management personnel under the shareholder approved employee long term Incentive plan  are summarised below: the performance hurdles set for the year ending 31 July 2012 were not met and accordingly no expense has been recorded in the  income statement. the fair value of the rights have been assessed as the Kathmandu holdings limited share price as at the grant date less the  present value of the dividends forecast to be paid prior to the vesting date. the fair value of each right has been calculated to be  nZ$2.23 per right (2011: n/a). performance rights granted to each employee vest upon the Company achieving performance hurdles and the employee  remaining in employment with the Company until the vesting date. the performance period and vesting dates are  summarised below: performance rights granted to Key Management personnel under the shareholder approved employee long term Incentive plan  are summarised below: Grant Date Balance at start  of year number Granted during  the year number Vested during  the year  number Lapsed during  the year number Balance at the  end of year  number 30 Nov 2011 - 291,918 - (291,918) - 29 Nov 2010 - - - - - - 291,918 - (291,918) - 2012 2011 Grant Date 30 Nov 2011 N/A Performance period (year ending) 31 Jul 2012 31 Jul 2011 Vesting Date 31 Jul 2014 N/A Grant Date Balance at start  of year number Granted during  the year number Vested during  the year  number Lapsed during  the year number Balance at the  end of year  number 30 Nov 2011 - 192,670 - (192,670) - 29 Nov 2010 177,977 - (165,940) (12,037) - 177,977 192,670 (165,940) (204,707) - 2012 2011 Grant Date 30 Nov 2011 29 Nov 2010 Performance period (year ending) 31 Jul 2012 31 Jul 2011 Vesting Date 31 Jul 2013 31 Jul 2012