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Share-based payments
 12 Months Ended
Dec. 31, 2023
Disclosure of terms and conditions of share-based payment arrangement [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 awards amounts to $4.4 million, $5.2 million, and $7.1 million in 2023, 2022, and 2021, respectively, and was recorded as a component of “Wages, salaries, benefits and other employees’ expenses” within operating expenses.
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 share-based payments plans is as follows:
Grant date
Number
of instruments
Vesting conditions
Contractual
life
February, 20181,316
15% first three anniversaries
25% fourth
30% fifth anniversary
5 years
February, 201915,9511% first month
33% first three anniversaries		3 years
June, 20199,25633% first three anniversaries3 years
June, 201997733% first three anniversaries3 years
August, 20191,03933% first three anniversaries3 years
February, 202024,650
1% first month
33% first three anniversaries
3 years
February, 202132,85220% first five anniversaries5 years
February, 2021103,80233% first three anniversaries3 years
April, 20211,14533% first three anniversaries3 years
February, 202213,94333% first three anniversaries3 years
June, 202220,36833% first three anniversaries3 years
June, 202299433% first three anniversaries3 years
February, 202330,56733% first three anniversaries3 years
June, 202310,80933% first three anniversaries3 years
September, 202363433% first three anniversaries3 years
Non-vested stock awards were measured at their fair value on the grant date. For the 2023 grants, the fair value of these non-vested stock awards amounts to $91.69 per share (2022: $71.59).
A summary of the non-vested stock award activity under the plan as of December 31, 2023, 2022 and 2021 with changes during these years is as follows (in number of shares):
 202320222021
Non-vested as of January 1138,243157,823153,921
Granted42,01035,305137,799
Vested(59,066)(54,501)(132,880)
Forfeited(443)(384)(1,017)
Non-vested as of December 31120,744138,243157,823
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 $3.1 million (2022: $3.7 million), with a weighted average remaining contractual life of 2.0 years years (2022: 2.2 years). Additionally, the Company estimates that the 2024 compensation cost related to these plans amounts to $2.2 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.