2019 Annual LTI Grants
Time-vested Restricted Shares or RSUs
Performance-based Restricted Shares or RSUs
Named Officer
No. of Shares(1)(3)
Grant Value(1)
No. of Shares(2)(3)
Grant Value(4)
Total Grant Value(4)
Current Executives:
Jeffrey K. Storey(5)
358,884
$5,040,000
538,328
$7,560,000
$12,600,000
Indraneel Dev
76,904
1,080,000
115,356
1,620,000
2,700,000
Stacey W. Goff
56,966
800,000
85,449
1,200,000
2,000,000
Scott A. Trezise
22,786
320,000
34,180
480,000
800,000
Shaun. C. Andrews
21,362
300,000
32,043
450,000
750,000
2019 annual lti grants .
except for messrs .
dev trezise and andrews the committee granted annual lti awards to our named executives in february 2019 at amounts substantially similar to the awards granted to them in 2018 .
mr .
dev ’ s 2019 lti target was increased to $ 2700000 as previously approved by the committee upon his promotion to cfo in november 2018 .
mr .
andrews ’ 2019 lti target was increased to $ 750000 as previously approved by the committee following a review of compensation benchmarking in november 2018 .
in february 2019 the committee reviewed the compensation benchmarking data for all executive officers and increased mr .
trezise ’ s lti target to $ 800000 and left unchanged the lti target for our other neos .
on february 28 2019 the committee granted our named executives the following number of -i restricted shares or rsus that will vest over a three-year period principally in exchange for continued service - “ time-vested restricted shares or rsus ” -ii performance-based restricted shares or rsus that will vest in two equal installments on march 1 of each of 2021 and 2022 based on attainment during the 2019 performance period as defined above of an adjusted ebitda run rate target of 0 .
0 % -the “ performance-vested shares or rsus ” as described further above : .
-1 represents the number of restricted shares or rsus granted in 2019 .
-2 as discussed further above the actual number of shares that vest in the future may be lower or higher depending on the level of performance achieved .
-3 dividends on the shares of restricted stock -or with respect to rsus dividend equivalents will not be paid while unvested but will accrue and paid or be forfeited in tandem with the vesting of the related shares or rsus .
-4 for purposes of these grants we determined both the number of time-vested and performance-based restricted shares or rsus by dividing the total grant value granted to the executive by the volume-weighted average closing price of a share of our common stock over the 15-trading-day period ending five trading days prior to the grant date - “ vwap ” rounding to the nearest whole share .
however as noted previously for purposes of reporting these awards in the summary compensation table our shares of time-vested restricted stock or rsus are valued based on the closing price of our common stock on the date of grant and our shares of performance-based restricted stock or rsus are valued as of the grant date based on probable outcomes as required by applicable accounting and sec disclosure rules .
see footnote 2 to the summary compensation table for more information .
-5 mr .
storey ’ s annual grant was in the form of rsus .

Question: How was the number of time-vested and performance-based restricted shares or RSUs determined?
Answer: by dividing the total grant value granted to the executive by the volume-weighted average closing price of a share of our common stock over the 15-trading-day period ending five trading days prior to the grant date (“VWAP”), rounding to the nearest whole share