XML 69 R24.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

SHARE-BASED COMPENSATION | 12 Months Ended
--- | ---
Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
SHARE-BASED COMPENSATION | In May 2017, shareholders approved the establishment of the AXIS Capital Holdings Limited 2017 Long-Term Equity Compensation Plan (the "2017 Plan"). The 2017 Plan provides for, among other things, the issuance of restricted shares, restricted stock units (share-settled awards and cash-settled awards), performance units (share-settled awards and cash-settled awards), stock options, stock appreciation rights and other equity-based awards to the Company's employees and directors. The 2017 Plan authorizes the issuance of a total of 3,400,000 common shares. The Company's 2017 Plan replaced its 2007 Long-Term Equity Compensation Plan ("2007 Plan") on expiration of the 2007 Plan in May 2017. All remaining shares available pursuant to the 2007 Plan have been canceled although awards made pursuant to the 2007 Plan prior to its expiration remain in effect in accordance with the terms of the 2007 Plan. At December 31, 2019, 2,565,143 equity-based awards remained available for grant pursuant to the 2017 Plan. The grant date fair value of each award is established at the fair market value of the Company's common shares at the date of grant. Restricted Shares Restricted shares granted pursuant to the 2007 Plan generally vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date. Restricted Stock Units - Share-Settled Share-settled restricted stock units granted pursuant to the 2017 Plan or the 2007 Plan either cliff vest at the end of a three year period, vest in accordance with a three year graded vesting schedule, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date. Restricted Stock Units - Cash-Settled Cash-settled restricted stock units granted pursuant to the 2017 Plan or the 2007 Plan are liability awards and generally cliff vest at the end of a three year period, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date. Performance Restricted Stock Units - Share-Settled and Cash-Settled Performance restricted stock units granted pursuant to the 2017 Plan or the 2007 Plan, represent the right to receive a specified number of common shares in the future, based on the achievement of established performance criteria and continued service during the applicable performance period. Awards granted pursuant to these plans generally cliff vest at the end of a three year period. Compensation expense is recognized on a straight-line basis over the applicable requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the applicable performance period. Performance restricted stock units granted are either share-settled awards or cash-settled liability awards. Acceleration Provisions Grants provided under the 2017 Plan and the 2007 Plan generally allow for accelerated vesting provisions on the employee’s death, permanent disability, or certain terminations following a change in control of the Company occurring within two years of the change in control event. Notwithstanding these vesting provisions, the Compensation Committee of the Company's Board has broad authority to accelerate vesting at its discretion. Retirement Plan In 2016, the Company established the AXIS Executive Restricted Stock Unit Retirement Plan (the "Plan") to reward certain eligible long-term employees of the Company for their dedicated service. The Plan was implemented in 2017. Subject to certain conditions being met, eligible employees will not forfeit all of their outstanding share-settled restricted stock units or cash-settled restricted stock units on or following their retirement. Absent the Plan, outstanding restricted stock units are generally forfeited on termination of employment.
a) | Share-Settled Awards
The following table provides an activity summary of the Company's share-settled restricted stock units:
|  | Share-Settled Performance Restricted Stock Units |  | Share-Settled Service Restricted Stock Units |
|  | Number of restricted stock units |  | Weighted average grant date fair value(1) |  | Number of restricted stock units |  | Weighted average grant date fair value(1) |
| Nonvested restricted stock units - December 31, 2017 | 230 |  |  | $ | 57.08 |  |  | 1,355 |  |  | $ | 57.09 |  |
| Granted | 104 |  |  | 48.89 |  |  | 737 |  |  | 49.36 |  |
| Vested | (87 | ) |  | 54.71 |  |  | (539 | ) |  | 54.51 |  |
| Forfeited | (15 | ) |  | 53.80 |  |  | (142 | ) |  | 55.36 |  |
| Nonvested restricted stock units - December 31, 2018 | 232 |  |  | 54.54 |  |  | 1,411 |  |  | 54.12 |  |
| Granted | 127 |  |  | 54.70 |  |  | 523 |  |  | 54.88 |  |
| Vested | (61 | ) |  | 53.82 |  |  | (487 | ) |  | 54.29 |  |
| Forfeited | (40 | ) |  | 64.01 |  |  | (174 | ) |  | 54.49 |  |
| Nonvested restricted stock units - December 31, 2019 | 258 |  |  | $ | 53.31 |  |  | 1,273 |  |  | $ | 54.32 |  |
(1) Fair value is based on the closing price of the Company's common shares on the grant date. b) Cash-Settled Awards The following table provides an activity summary of the Company's cash-settled restricted stock units:
|  | Cash-Settled Performance Restricted Stock Units |  | Cash-Settled Service Restricted Stock Units |
|  | Number of restricted stock units |  | Number of restricted stock units |
| Nonvested restricted stock units - December 31, 2017 | 42 |  |  | 988 |  |
| Granted | — |  |  | 473 |  |
| Vested | (12 | ) |  | (390 | ) |
| Forfeited | (3 | ) |  | (139 | ) |
| Nonvested restricted stock units - December 31, 2018 | 27 |  |  | 932 |  |
| Granted | — |  |  | 364 |  |
| Vested | (12 | ) |  | (333 | ) |
| Forfeited | (9 | ) |  | (110 | ) |
| Nonvested restricted stock units - December 31, 2019 | 6 |  |  | 853 |  |
The following table provides additional information related to share-based compensation:
| Year ended December 31, | 2019 |  | 2018 |  | 2017 |
| Share-based compensation expense (1) | $ | 52,218 |  |  | $ | 54,011 |  |  | $ | 67,697 |  |
| Tax benefits associated with share-based compensation expense | $ | 8,913 |  |  | $ | 7,772 |  |  | $ | 14,937 |  |
| Liability for cash-settled restricted stock units (2) | $ | 21,731 |  |  | $ | 20,648 |  |  | $ | 21,535 |  |
| Fair value of restricted stock units vested (3)(4) | $ | 51,206 |  |  | $ | 50,750 |  |  | $ | 124,990 |  |
| Unrecognized share-based compensation expense | $ | 75,770 |  |  | $ | 87,341 |  |  | $ | 94,315 |  |
| Expected weighted average period to recognize unrecognized share-based compensation expense | 2.3 years |  |  | 2.4 years |  |  | 2.5 years |  |
(1) Related to restricted shares, share-settled stock units, and cash settled restricted stock units. (2) Included in other liabilities in the consolidated balance sheets. (3) Fair value is based on the closing price of the Company's common shares on the vest date. (4) The fair value of share-settled restricted stock units and cash-settled restricted stock units that vested in 2017 included $44 million attributable to service restricted stock units which were granted in 2014 and were subject to a three year cliff vesting period.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration