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EMPLOYEE BENEFITS | 12 Months Ended
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Dec. 31, 2019
Share-Based Payment Arrangements [Abstract] |
EMPLOYEE BENEFITS | NOTE 24 – EMPLOYEE BENEFITS 24.1 – Share-based compensation plan Share-based compensation expense for awards of equity instruments to employees and non-employee directors is determined based on the grant-date fair value of the awards. Fair value is calculated using Black & Scholes model. In June 2012, the Company decided to replace its Stock Appreciation Rights ("SAR") program with a new share-based compensation program. The 2012 share-based compensation agreement was signed by the employees on June 30, 2012, considering the actual grant dates of the SARs to employees. Each employee share option converts into one ordinary share of the Company on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry (seven years after the effective date). All options vested on the date of modification of the plan or all other non-vested options expire within seven years after the effective date or seven years after the period of vesting finalizes. In July 2014, the Company adopted a new Equity Incentive Program, the 2014 Plan. Pursuant to this plan, on July 18, 2014, the first trading day of the Company common shares on the NYSE, the Company made the annual grants for 2014 Plan to certain of the executive officers and other employees. The grants included share options with a vesting period of 4 years, becoming exercisable a 25% of the options on each anniversary of the grant date through the fourth anniversary of the grant. Share-based compensation expense for awards of equity instruments is determined based on the fair value of the awards at the grant date. Each employee share option converts into one ordinary share of the Company on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry (ten years after the effective date). Under this share-based compensation plan, during the years 2019 and 2018, other share-based compensation agreements were signed for a total of 4,000 and 221,000 options granted, respectively. During the years 2019 and 2018, as part of the 2014 Equity Incentive Plan, the Company granted awards to certain employees in the form of Restricted Stock Units ("RSUs"), having a par value of $1.20 each, with a specific period of vesting. Each RSU is equivalent in value to one share of the company´s common stock and represents the Company´s commitment to issue one share of the Company's common stock at a future date, subject to the term of the RSU agreement. Until the RSUs vest, they are an unfunded promise to issue shares of stock to the recipient at some point in the future. The RSUs carry neither rights to dividends nor voting rights. RSU's vesting is subject to the condition that the employee must remain in such condition at of the vesting date. The Company may determine a percentage of RSU, as part of the full year compensation package payment. These RSUs agreements have been recorded as Equity Settled transactions in accordance to IFRS 2, and they were measured at fair value of shares at the grant date. The following shows the evolution of the share options for the years ended at December 31, 2019 and 2018:
|  | As of December 31, 2019 |  | As of December 31, 2018
|  | Number of options |  | Weighted average exercise price |  | Number of options |  | Weighted average exercise price
Balance at the beginning of year |  | 1,786,467 |  |  | 27.96 |  |  | 2,155,851 |  |  | 23.02 |
Options granted during the year |  | 4,000 |  |  | 52.10 |  |  | 221,000 |  |  | 46.45 |
Forfeited during the year |  | (21,625 | ) |  | 31.77 |  |  | (78,716 | ) |  | 36.89 |
Exercised during the year |  | (717,240 | ) |  | 22.06 |  |  | (511,668 | ) |  | 13.76 |
Balance at end of year |  | 1,051,602 |  |  | 31.82 |  |  | 1,786,467 |  |  | 27.96 |
The following shows the evolution of the RSUs for the years ended at December 31, 2019 and 2018:
|  | As of December 31, 2019 |  | As of December 31, 2018
|  | Number of RSU |  | Weighted average grant price |  | Number of RSU |  | Weighted average grant price
Balance at the beginning of year |  | 535,838 |  |  | 44.70 |  |  | 164,859 |  |  | 37.58 |
RSU granted during the year |  | 309,539 |  |  | 85.80 |  |  | 564,995 |  |  | 46.29 |
Forfeited during the year |  | (38,621 | ) |  | 47.69 |  |  | (30,783 | ) |  | 44.14 |
Issued during the year |  | (181,860 | ) |  | 37.00 |  |  | (163,233 | ) |  | 43.13 |
Balance at end of year |  | 624,896 |  |  | 64.05 |  |  | 535,838 |  |  | 44.70 |
The following tables summarizes the RSU at the end of the year:
Grant date |  | Grant price ($) |  | Number of Restricted Stock Units |  | Fair value at grant date ($) |  | Expense as of December 31, 2019 ($) (*)
2017 |  | 36.30 |  |  | 1,000 |  |  | 36 |  |  | 18 |
|  | 37.00 |  |  | 45,242 |  |  | 1,674 |  |  | 2,217 |
|  | 42.00 |  |  | 3,250 |  |  | 137 |  |  | 77 |
2018 |  | 46.00 |  |  | 281,180 |  |  | 12,934 |  |  | 5,221 |
|  | 50.92 |  |  | 7,500 |  |  | 382 |  |  | 129 |
|  | 52.74 |  |  | 3,000 |  |  | 158 |  |  | 54 |
|  | 55.07 |  |  | 3,000 |  |  | 165 |  |  | 56 |
|  | 56.87 |  |  | — |  |  | — |  |  | 67 |
2019 |  | 52.10 |  |  | 2,400 |  |  | 125 |  |  | 61 |
|  | 87.44 |  |  | 268,750 |  |  | 23,500 |  |  | 6,450 |
|  | 94.93 |  |  | 4,000 |  |  | 380 |  |  | 116 |
|  | 69.77 |  |  | — |  |  | — |  |  | 446 |
|  | 103.75 |  |  | 3,000 |  |  | 311 |  |  | 20 |
Subtotal |  |  |  | 622,322 |  |  | 39,802 |  |  | 14,932 |
Non employees RSU |  |  |  |  |  |
2018 |  | 46.00 |  |  | — |  |  | — |  |  | 35 |
|  | 57.39 |  |  | — |  |  | — |  |  | 18 |
2019 |  | 87.44 |  |  | 2,574 |  |  | 225 |  |  | 126 |
Subtotal |  |  |  | 2,574 |  |  | 225 |  |  | 179 |
Total |  |  |  | 624,896 |  |  | 40,027 |  |  | 15,111 |
The following tables summarizes the share options at the end of the year:
Grant date |  | Exercise price ($) |  | Number of stock options |  | Number of stock options vested as of December 31, 2019 |  | Fair value at grant date ($) |  | Fair value vested ($) |  | Expense as of December 31, 2019 (*)
2012 |  | 0.95 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |
|  | 2.48 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |
|  | 3.38 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 85 |
|  | 12.22 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2014 |  | 10.00 |  |  | 107,826 |  |  | 107,826 |  |  | 359 |  |  | 359 |  |  | 500 |
2015 |  | 22.77 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | 28.31 |  |  | 205,748 |  |  | 205,748 |  |  | 1,426 |  |  | 1,426 |  |  | 1,422 |
|  | 29.34 |  |  | 3,875 |  |  | 3,875 |  |  | 26 |  |  | 26 |  |  | — |
|  | 34.20 |  |  | 5,500 |  |  | 5,500 |  |  | 47 |  |  | 47 |  |  | 39 |
2016 |  | 29.01 |  |  | 117,480 |  |  | 52,480 |  |  | 810 |  |  | 362 |  |  | 888 |
|  | 32.36 |  |  | 338,173 |  |  | 211,798 |  |  | 2,740 |  |  | 1,716 |  |  | 1,487 |
2017 |  | 38.16 |  |  | 30,000 |  |  | 20,000 |  |  | 273 |  |  | 182 |  |  | 91 |
|  | 36.30 |  |  | 15,000 |  |  | 7,500 |  |  | 127 |  |  | 64 |  |  | 32 |
2018 |  | 44.97 |  |  | 15,000 |  |  | — |  |  | 268 |  |  | — |  |  | 118 |
|  | 46.00 |  |  | 170,000 |  |  | 36,250 |  |  | 3,434 |  |  | 732 |  |  | 1,349 |
|  | 55.07 |  |  | 7,500 |  |  | — |  |  | 181 |  |  | — |  |  | 97 |
|  | 50.92 |  |  | 4,500 |  |  | — |  |  | 101 |  |  | — |  |  | 61 |
2019 |  | 52.10 |  |  | 4,000 |  |  | — |  |  | 89 |  |  | — |  |  | 43 |
Subtotal |  |  |  |  | 1,024,602 |  |  | 650,977 |  |  | 9,881 |  |  | 4,914 |  |  | 6,226 |
Non employees stock options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2016 |  | 39.37 |  |  | 27,000 |  |  | 20,250 |  |  | 248 |  |  | 186 |  |  | 62 |
Subtotal |  |  |  | 27,000 |  |  | 20,250 |  |  | 248 |  |  | 186 |  |  | 62 |
Total |  |  |  | 1,051,602 |  |  | 671,227 |  |  | 10,129 |  |  | 5,100 |  |  | 6,288 |
(*) Includes social security taxes. Deferred income tax asset arising from the recognition of the share-based compensation plan amounted to 11,587 and 4,731 for the years ended December 31, 2019 and 2018, respectively. 24.2 - Share options exercised and RSU vested during the year:
|  | As of December 31, 2019 |  | As of December 31, 2018
|  | Number of options exercised |  | Exercise price |  | Number of options exercised |  | Exercise price
Granted in 2006 |  | — |  |  | 0.95 |  |  | 9,900 |  |  | 0.95 |
Granted in 2007 |  | — |  |  | 0.71 |  |  | 200,000 |  |  | 0.71 |
Granted in 2007 |  | — |  |  | 1.40 |  |  | 616 |  |  | 1.40 |
Granted in 2010 |  | — |  |  | 2.48 |  |  | 1,793 |  |  | 2.48 |
Granted in 2010 |  | — |  |  | 3.38 |  |  | 19,732 |  |  | 3.38 |
Granted in 2011 |  | — |  |  | 2.71 |  |  | 6,031 |  |  | 2.71 |
Granted in 2012 |  | 22,170 |  |  | 6.77 |  |  | — |  |  | 6.77 |
Granted in 2012 |  | 1,103 |  |  | 0.95 |  |  | — |  |  | 0.95 |
Granted in 2012 |  | 1,304 |  |  | 2.48 |  |  | — |  |  | 2.48 |
Granted in 2012 |  | 13,223 |  |  | 3.38 |  |  | — |  |  | 3.38 |
Granted in 2012 |  | 22,170 |  |  | 10.00 |  |  | — |  |  | 10.00 |
Granted in 2012 |  | 47,169 |  |  | 12.22 |  |  | — |  |  | 12.22 |
Granted in 2014 |  | 173,211 |  |  | 10.00 |  |  | 66,146 |  |  | 10.00 |
Granted in 2014 |  | — |  |  | 13.20 |  |  | 3,769 |  |  | 13.20 |
Granted in 2015 |  | 163,834 |  |  | 28.31 |  |  | 111,843 |  |  | 28.31 |
Granted in 2015 |  | 8,000 |  |  | 34.20 |  |  | 3,000 |  |  | 34.20 |
Granted in 2015 |  | 12,097 |  |  | 29.34 |  |  | 1,200 |  |  | 29.34 |
Granted in 2015 |  | 30,000 |  |  | 22.77 |  |  | — |  |  | 22.77 |
Granted in 2016 |  | 105,020 |  |  | 29.01 |  |  | 18,750 |  |  | 29.01 |
Granted in 2016 |  | 98,939 |  |  | 32.36 |  |  | 68,888 |  |  | 32.36 |
Granted in 2018 |  | 5,000 |  |  | 44.97 |  |  | — |  |  | 44.97 |
Granted in 2018 |  | 10,000 |  |  | 46.00 |  |  | — |  |  | 46.00 |
Granted in 2018 |  | 1,500 |  |  | 50.92 |  |  | — |  |  | 50.92 |
Granted in 2018 |  | 2,500 |  |  | 55.07 |  |  | — |  |  | 55.07 |
Balance at end of the year |  | 717,240 |  |  |  |  |  | 511,668 |  |  |  |
The average market price of the share amounted to 88.51 and 52.82 for years 2019 and 2018, respectively. The following tables summarizes the RSU vested during the years 2019 and 2018:
|  | December 31, 2019 |  | December 31, 2018
|  | Number of RSUs vested |  | Grant price |  | Number of RSUs vested |  | Grant price
Granted in 2017 |  | 500 |  |  | 36.30 |  |  | 500 |  |  | 36.30 |
Granted in 2017 |  | 45,283 |  |  | 37.00 |  |  | 45,906 |  |  | 37.00 |
Granted in 2017 |  | — |  |  | 38.21 |  |  | 2,671 |  |  | 38.21 |
Granted in 2017 |  | 2,250 |  |  | 42.00 |  |  | 2,250 |  |  | 42.00 |
Granted in 2018 |  | — |  |  | 45.50 |  |  | 107,463 |  |  | 45.50 |
Granted in 2018 |  | — |  |  | 53.29 |  |  | 4,443 |  |  | 53.29 |
Granted in 2018 |  | 100,206 |  |  | 46.00 |  |  | — |  |  | 46.00 |
Granted in 2018 |  | 1,000 |  |  | 55.07 |  |  | — |  |  | 55.07 |
Granted in 2018 |  | 436 |  |  | 57.39 |  |  | — |  |  | 57.39 |
Granted in 2018 |  | 1,000 |  |  | 52.74 |  |  | — |  |  | 52.74 |
Granted in 2018 |  | 2,500 |  |  | 50.92 |  |  | — |  |  | 50.92 |
Granted in 2018 |  | 1,500 |  |  | 56.87 |  |  | — |  |  | 56.87 |
Granted in 2019 |  | 27,185 |  |  | 69.77 |  |  | — |  |  | 69.77 |
Balance at end of the year |  | 181,860 |  |  |  |  | 163,233 |  |  |
24.3 - Fair value of share-based compensation granted Determining the fair value of the stock-based awards at the grant date requires judgment. The Company calculated the fair value of each option award on the grant date using the Black-Scholes option pricing model. The Black-Scholes model requires the input of highly subjective assumptions, including the fair value of the Company's shares, expected volatility, expected term, risk-free interest rate and dividend yield. The Company estimated the following assumptions for the calculation of the fair value of the share options:
Assumptions |  | Granted in 2019 for 2014 plan |  | Granted in 2018 for 2014 plan |  | Granted in 2017 for 2014 plan
Stock price |  | 52.10 |  | 46.45 |  | 39.69
Expected option life |  | 6 years |  | 6 years |  | 6 years
Volatility |  | 40% |  | 40% |  | 19%
Risk-free interest rate |  | 3.10% |  | 3.00% |  | 2.00%
See Note 4.5 for a description of the assumptions.

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