When reading these compensation threads, I've been curious about this for awhile. In your valuation, are you counting the stock's price at the time of issuance

When reading these compensation threads, I've been curious about this for awhile. In your valuation, are you counting the stock's price at the time of issuance or time of vesting and delivery? If quoting as of time of delivery, I think it's a bit confusing as it mixes in the capital appreciation or loss of the stock with the employers actual intended total compensation for the year of the award. For example, let's say you were awarded 400 shares of stock 2 years ago, and 100 shares vest each year. Stock price was $300 two years ago at the time of the award, but now is $600 at the time of this year's vesting. Would you count the contribution of 100 vesting shares to your total compensation for this year as $60k? Or, since it was awarded 2 years ago, would you have included the full 400 shares only in your two-years-ago compensation number valued at $120k?