David Hockney the Order of Merit, an honour restricted to 24 members at any one time for their contributions to the arts and sciences. He was a Distinguished Honoree of the National Arts Association, Los Angeles, in 1991 and received the First Annual Award of Achievement from the Archives of American Art, Los Angeles, in 1993. He was appointed to the Board of Trustees of the American Associates of the Royal Academy Trust, New York in 1992 and was given a Foreign Honorary Membership to the American Academy of Arts and Sciences, Cambridge, Massachusetts in 1997. In 2003, Hockney was awarded the
Restricted stock a popular form of employee compensation because it was possible to record the cost of compensation as zero so long as the exercise price was equal to the fair market value of the stock at the time of granting. Under the same accounting standards, awards of restricted stock would result in recognizing compensation cost equal to the fair market value of the restricted stock. However, changes to generally accepted accounting principles (GAAP) which became effective in 2006 led to restricted stock becoming a more popular form of compensation. Microsoft switched from stock options to restricted stock in 2003, and by