XML 355 R14.htm IDEA: XBRL DOCUMENT
v3.22.0.1

STOCK-BASED COMPENSATION | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company has awards outstanding under its 2017, 2020 and 2021 Share Compensation Plans which include stock options, DSUs, RSUs and PSUs up to an aggregate total of 4.5% of the Company’s issued and outstanding common stock. There are 8,137,941 shares available for issuance under the Share Compensation Plans. Stock-based compensation expense Stock-based compensation expense has been recognized as follows (in thousands):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Production costs |  | $ | 1,105 |  |  | $ | 2,164 |  |  | $ | 1,451 |
General and administrative expense |  |  | 11,867 |  |  |  | 8,500 |  |  |  | 12,814 |
Exploration, evaluation and reclamation expense |  |  | 105 |  |  |  | 169 |  |  |  | 159 |
Transaction and integration expense |  |  | 1,722 |  |  |  | 5,018 |  |  |  | — |
Income tax benefits recognized |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 14,799 |  |  | $ | 15,851 |  |  | $ | 14,424 |
Stock options The Company grants stock options to executives and eligible employees. Stock options issued under the Company’s incentive plans vest over three years and are exercisable over a period of time not to exceed the earlier of seven years after the grant date and the latest date permitted under the rules of the regulatory authorities. The exercise price of each option is set at the date of grant and shall not be less than the closing market price of the Company's common stock at the date of grant. New shares from treasury are issued on the exercise of stock options. The following table summarizes the changes in stock options outstanding during the year ended December 31, 2021 (in thousands except per share amounts):
|  | Number of Options |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Balance at January 1, 2021 |  | 1,405 |  |  | $ | 13.54 |  |  |  |  |
Granted |  | — |  |  |  | — |  |  |  |  |  |
Exercised |  | (818) |  |  |  | 10.14 |  |  |  |  |
Forfeited |  | (318) |  |  |  | 20.12 |  |  |  |  |
Expired |  | (8) |  |  |  | 8.57 |  |  |  |  |
Balance at December 31, 2021 |  | 261 |  |  |  | 16.32 |  | 4.1 |  | $ | 774
Vested and exercisable at December 31, 2021 |  | 200 |  |  |  | 15.59 |  | 3.9 |  | $ | 677
There were no stock options granted in 2021. The fair value of stock options granted during the years ended December 31. 2020 and 2019 were determined using the Black-Scholes option pricing model. The following table includes the assumptions used and other information related to stock options during the years ended December 31:
| 2021 |  | 2020 |  | 2019
Expected dividend yield (%) |  | N/A |  |  | — |  |  |  | — |
Risk-free interest rate (%) |  | N/A |  |  | 1.31 |  |  |  | 1.78 |
Expected life (years) |  | N/A |  |  | 4.20 |  |  | 4.20
Expected volatility (%) |  | N/A |  |  | 45.80 |  |  |  | 45.80 |
Weighted-average grant-date fair value (per option) |  | N/A |  | $ | 17.76 |  |  | $ | 11.75 |
Intrinsic value of options exercised (in thousands) | $ | 4,814 |  |  | $ | 9,780 |  |  | $ | 8,382 |
Fair value of options vested (in thousands) | $ | 1,430 |  |  | $ | 5,006 |  |  | $ | 1,828 |
As of December 31, 2021, there was $0.1 million of unrecognized compensation cost related to unvested stock options expected to be recognized over a weighted average period of approximately 0.9 years. During the year ended December 31, 2021, the amount of cash received from stock option exercises was $8.8 million and the tax benefit from stock options exercised was $1.3 million. Deferred Share Units Non-executive directors may elect to receive all or a portion of their annual compensation in the form of DSUs which are linked to the value of the Company's common stock. DSUs are issued on a quarterly basis at the market value of the Company's common stock at the date of grant. DSUs vest immediately and are redeemable in cash. 50% of a director's DSUs will be automatically redeemed on each of the following dates: (i) three months following the date the eligible director ceases to be a director of the Company and (ii) the earlier of fifteen months following, or December 31 of the calendar year following the date the eligible director ceases to be a director of the Company. In connection with the acquisition of Alacer, the Company issued DSU Replacement Units to replace the outstanding DSUs of Alacer. Each DSU Replacement Unit entitles the director to receive a payment in cash for the equivalent value of one common share on the date the director ceases to be a director. The fair value of the outstanding DSUs and DSU Replacement Units at the end of each reporting period was recognized as a liability and included in Accrued liabilities and other. During the years ended December 31, 2021, 2020, and 2019 total cash paid to settle DSUs and DSU Replacement Units was $2.7 million, $3.1 million, and $— million, respectively. As of December 31, 2021, 2020, and 2019, the fair value of DSUs and DSU Replacement Units granted and vested was $1.4 million, $10.7 million and $1.9 million, respectively. The following table summarizes the changes in DSUs and DSU Replacement Units outstanding during the year ended December 31, 2021 (in thousands except per share amounts):
|  | Number of Shares |  | Weighted Grant Date Fair Value Per Share |  | Aggregate Intrinsic Value
Balance at January 1, 2021 |  | 748 |  |  | $ | 21.76 |  |  |
Granted |  | 89 |  |  |  | 15.75 |  |  |
Exercised/Released |  | (165) |  |  |  | 9.07 |  |  |
Canceled/Forfeited |  | — |  |  |  | — |  |  |  |
Reinvested |  | 10 |  |  |  | 14.51 |  |  |
Balance at December 31, 2021 |  | 682 |  |  |  | 23.95 |  | $ | 12,072 |
Restricted Share Units The Company grants RSUs to executives and eligible employees which vest over a period of three years. In connection with the acquisition of Alacer, the Company issued RSU Replacement Units, with terms similar to RSUs, to replace the outstanding unexcercised RSUs of Alacer which vest over a period of three years. As of December 31, 2020, RSUs and RSU Replacement Units vesting in 2022 and 2023 were classified as liabilities and included in Accrued liabilities and other and Other non-current liabilities. RSU Replacement Units vesting in 2021 were classified as equity and presented in Contingently Redeemable Shares due to certain provisions included in the 2017 and 2020 Share Compensation plans that specifies the termination of an employee within 12 months after a change of control event would result in all RSU Replacement Units issued under the plans to immediately vest and become redeemable in either cash or shares at the option of the award holder. On February 10, 2021, the Company’s Board of Directors indicated its intention to settle all RSUs and RSU Replacement Units in common shares when vested. As of December 31, 2021, RSUs and RSU Replacement Units are classified as equity and presented in Common shares. During the years ended December 31, 2021, 2020 and 2019, total cash paid to settle RSUs and RSU Replacement Units was $— million, $4.6 million and $0.9 million, respectively. The fair value of RSUs and RSU Replacement Units granted was $7.2 million, $25.4 million and $2.7 million for the years ended December 31, 2021, 2020 and 2019, respectively. The fair value of RSUs and RSU Replacement Units vested was $3.3 million, $14.1 million, and $1.6 million during the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, there was $2.9 million of total unrecognized compensation cost related to unvested RSUs and RSU Replacement Units expected to be recognized over approximately 2.9 years. The following table summarizes the changes in RSUs and RSU Replacement Units outstanding during the year ended December 31, 2021 (in thousands except per share amounts):
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate intrinsic value
Balance at January 1, 2021 |  | 749 |  |  | $ | 23.42 |  |  |
Granted |  | 388 |  |  |  | 18.63 |  |  |
Exercised/Released |  | (197) |  |  |  | 16.81 |  |  |
Canceled/Forfeited |  | (82) |  |  |  | 19.82 |  |  |
Reinvested |  | 11 |  |  |  | 21.34 |  |  |
Balance at December 31, 2021 |  | 869 |  |  |  | 23.10 |  |  | $ | 15,370 |
Performance Share Units PSUs are granted to senior executives and vest after a performance period of three years. The vesting of these awards is based on the Company's total shareholder return in comparison to its peer group and awards vested range from 0% to 200% of initial PSUs granted. In connection with the acquisition of Alacer, the Company issued PSU Replacement Units to replace the outstanding unexcercised PSUs of Alacer. Each PSU Replacement Unit entitles the participant, at the end of the applicable performance period, to receive a payment in cash for the equivalent value of common shares earned, provided: (i) the participant continues to be employed or engaged by the Company or any of its affiliates; and (ii) all other terms and conditions of the grant have been satisfied, including the performance metrics associated with each PSU Replacement Unit. The vesting of these awards is based on actual production and costs against budget, and the performance of the Company's share price relative to its peer group. Awards vested range from 0% to 200% of initial PSU Replacement Units granted. As of December 31, 2020, PSUs vesting in 2021 were classified as equity and presented in Contingently Redeemable Shares due to certain provisions included in the 2017 and 2020 Share Compensation Plans. PSUs and PSU Replacement Units vesting in 2022 and 2023 were classified as liabilities and included in O ther non-current liabilities. As of December 31, 2021, PSUs and PSU Replacement Units were classified as liabilities. On February 10, 2021, the Company's Board of Directors indicated its intention to settle all PSUs and PSU Replacement Units issued under the Company's plans in cash when vested. During the years ended December 31, 2021, 2020 and 2019, total cash paid to settle PSUs and PSU Replacement Units was $14.3 million, $12.0 million, and $4.1 million, respectively. The fair value of PSUs and PSU Replacement Units granted was $11.5 million, $24.8 million and $2.4 million for the years ended December 31, 2021, 2020, and 2019, respectively. The fair value of PSUs and PSU Replacement Units vested was $17.4 million, $4.4 million, and $2.0 million during the years ended December 31, 2021, 2020, and 2019, respectively. As of December 31, 2021, there was $4.9 million of total unrecognized compensation cost related to unvested PSUs and PSU Replacement Units expected to be recognized over approximately 2.3 years. The following table summarizes the changes in PSUs and PSU Replacement Units outstanding during the year ended December 31, 2021:
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Balance at January 1, 2021 |  | 1,114 |  |  | $ | 24.69 |  |  |
Granted |  | 560 |  |  |  | 20.52 |  |  |
Exercised/Released |  | (813) |  |  |  | 21.34 |  |  |
Canceled/Forfeited |  | (71) |  |  |  | 22.35 |  |  |
Reinvested |  | 10 |  |  |  | 21.70 |  |  |  |
Balance at December 31, 2021 |  | 800 |  |  |  | 25.34 |  |  | $ | 14,169 |

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: | dtr-types: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