Parent Company SECTION 7: STAFF COSTS AND REMUNERATION 156 Carlsberg Group Annual Report 2013 LONG-TERM INCENTIVE PLAN  (PERFORMANCE SHARES) In 2013 a new performance share pro- gramme was established under which a  total of 45,144 performance shares were  granted to 2 employees. The grant date fair  value of these performance shares was DKK  10m. The total cost of performance shares  was DKK 2m, which is recognised in the  income statement under staff costs. Refunds  etc. between Carlsberg A/S and its subsidi- aries are recognised directly in equity. SECTION 7  STAFF COSTS AND REMUNERATION There were no exercisable performance shares in the long-term incentive plan at 31 December 2013. The assumptions underlying the calculation of the fair value of performance shares are described in section 7.3.1 in the consolidated financial statements. 7.2  ACCOUNTING POLICIES The fair value of granted share-based incentives  to employees in the Parent Company’s subsidiar- ies is recognised in investments in subsidiaries as  the services rendered in exchange for the granted  incentives are received in the subsidiaries, with a  set-off directly against equity. The difference between the purchase price and  the sales price for the exercise of share-based  incentives by employees in subsidiaries is settled  between Carlsberg A/S and the individual subsidi- ary, with a set-off directly against investments in  subsidiaries. The difference at the end of the reporting period  between the fair value of the Parent Company’s  equity instruments and the exercise price of out- standing share-based incentives is recognised as a  receivable in Carlsberg A/S, with a set-off directly  against investments in subsidiaries. Share-based incentives granted to the Parent Com- pany’s own employees are recognised and meas- ured in accordance with the accounting policies  used by the Carlsberg Group; see the consolidated  financial statements for a description of accounting  policies. ASSUMPTIONS 2013 2012 Grant date Expiry date Programme Exercise  price Expected  volatility Risk-free interest rate Expected  dividend  yield Expected life  of options,  years Fair value at  measure ment  date Shares  outstanding Shares  outstanding 01.01.2013 01.05.2016 LTI 2013-2015 None 28% 0.2% 1.1% 3.4 277.09 21,440 - Outstanding performance shares under the long-term incentive plan 21,440 - Number Executive directors Performance shares outstanding at 31 December 2012 - Granted 45,135 Adjusted -23,695 Performance shares outstanding at 31 December 2013 21,440 LONG-TERM INCENTIVE PLAN  (PERFORMANCE SHARES)