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Share-based payments | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Share-based payments |
25. | Share-based payments
The Company has established equity compensation plans under which it administers restricted stock, stock options, and certain other equity-based awards to attract, retain, and motivate executive officers, certain key employees, and non-employee directors to compensate them for their contributions to the growth and profitability of the Company. Shares delivered under this award program may be sourced from treasury stock, or authorized unissued shares. The Company’s equity compensation plans are accounted for under IFRS 2 Share-Based Payment (“IFRS 2”). IFRS 2 requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award or at fair value of the award at each reporting date, depending on the type of award granted. The resulting cost is recognized over the period during which an employee is required to provide service in exchange for the award, which is usually the vesting period. The total compensation cost recognized for non-vested stock and options awards amounts to $5.3 million, $6.1 million, and $7.1 million in 2020, 2019, and 2018, respectively, and was recorded as a component of “Wages, salaries, benefits and other employees’ expenses” within operating expenses. Non-vested Stock The Company approved a non-vested stock bonus award for certain executive officers of the Company. A summary of the terms and conditions, properly approved by the Compensation Committee of our Board of Directors, relating to the grants of the non-vested stock award under the equity compensation plan is as follows:
Grant date |  | Number of instruments |  |  | Vesting conditions |  | Contractual life
April, 2015 |  |  | 4,915 |  |  | 15% first three anniversaries 25% fourth 30% fifth anniversary |  | 5 years
June, 2015 |  |  | 5,839 |  |  | 15% first three anniversaries 25% fourth 30% fifth anniversary |  | 5 years
February, 2016 |  |  | 147,000 |  |  | 15% first three anniversaries 25% fourth 30% fifth anniversary |  | 5 years
February, 2016 |  |  | 63,000 |  |  | Fifth anniversary |  | 5 years
May, 2016 |  |  | 7,899 |  |  | 15% first three anniversaries 25% fourth 30% fifth anniversary |  | 5 years
February, 2017 |  |  | 22,012 |  |  | One-third every anniversary |  | 3 years
February, 2017 |  |  | 11,980 |  |  | One-third every anniversary |  | 3 years
February, 2017 |  |  | 2,237 |  |  | Third anniversary |  | 3 years
February, 2018 |  |  | 21,556 |  |  | 7% first month 31% first three anniversaries |  | 3 years
February, 2018 |  |  | 14,379 |  |  | 33% first three anniversaries |  | 3 years
February, 2018 |  |  | 1,316 |  |  | 15% first three anniversaries 25% fourth 30% fifth anniversary |  | 5 years
July, 2018 |  |  | 6,104 |  |  | Third anniversary |  | 3 years
February, 2019 |  |  | 15,951 |  |  | 1% first month 33% first three anniversaries |  | 3 years
June, 2019 |  |  | 9,256 |  |  | 33% first three anniversaries |  | 3 years
June, 2019 |  |  | 977 |  |  | 33% first three anniversaries |  | 3 years
August, 2019 |  |  | 1,039 |  |  | 33% first three anniversaries |  | 3 years
December, 2019 |  |  | 1,724 |  |  | 100% first anniversary |  | 1 year
February, 2020 |  |  | 24,650 |  |  | 1% first month 33% first three anniversaries |  | 3 years
December, 2020 |  |  | 3,551 |  |  | 100% first anniversary |  | 1 year
Non-vested stock awards were measured at their fair value on the grant date. For the 2020 grants, the fair value of these non-vested stock awards amounts to $93.99 per share (2019: $96.46). A summary of the non-vested stock award activity under the plan as of December 31, 2020, 2019 and 2018 with changes during these years is as follows (in number of shares):
|  | 2020 |  |  | 2019 |  |  | 2018 |
Non-vested as of January 1 |  |  | 211,205 |  |  |  | 271,904 |  |  |  | 304,153 |
Granted |  |  | 28,201 |  |  |  | 28,947 |  |  |  | 43,355 |
Vested |  |  | (83,409 | ) |  |  | (80,170 | ) |  |  | (72,045 | )
Forfeited |  |  | (2,076 | ) |  |  | (9,476 | ) |  |  | (3,559 | )
Non-vested as of December 31 |  |  | 153,921 |  |  |  | 211,205 |  |  |  | 271,904 |
The Company uses the accelerated attribution method to recognize the compensation cost for awards with graded vesting periods. The Company estimates that the remaining compensation cost, not yet recognized for the non-vested stock awards, amounts to $1.9 million (2019: $4.0 million), with a weighted average remaining contractual life of 1.6 years (2019: 2.1 years). Additionally, the Company estimates that the 2021 compensation cost related to these plans amounts to $1.4 million. The Company plans to make additional equity-based awards under the plan from time to time, including additional non-vested stock and stock option awards. The Company anticipates that future employee non-vested stock and stock option awards granted pursuant to the plan will generally vest over a three to five-year period and the stock options will carry a ten-year term.

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- Definition The entire disclosure for share-based payment arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2020-01-01 -Paragraph 44 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2020-en-r&anchor=para_44&doctype=Standard -URIDate 2020-01-01 + Details
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