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v3.19.3.a.u2

EMPLOYEE BENEFITS (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-Based Payment Arrangements [Abstract] |
Evolution of share options outstanding | 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 |  |  |
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 |
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 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 |
Share-based compensation plan at the end of the year | 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.
Fair value of share-based compensation granted | 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%

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