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Capital Stock and Long-term Retention Plan (Tables)

12 Months Ended

Dec. 31, 2021

Capital Stock and Long-term Retention Plan

Schedule of shares of capital stock and CPOs

At December 31, 2021, shares of capital stock and CPOs consisted of (in millions):

​

​	​	​	​	​	​	​	​	​
​		​		Repurchased	​	Held by a		​
​	​	Authorized and	​	by the	​	Company’s	​	​
​		Issued (1)		Company (2)		Trust (3)		Outstanding
Series “A” Shares		121,073.9		—	​	(6,988.9)		114,085.0
Series “B” Shares		57,046.9		—	​	(5,583.4)		51,463.5
Series “D” Shares		87,006.6		—	​	(5,132.9)		81,873.7
Series “L” Shares		87,006.6		—	​	(5,132.9)		81,873.7
Total		352,134.0		—	​	(22,838.1)		329,295.9
​	​	​	​	​	​	​	​	​
Shares in the form of CPOs		290,849.7		—	​	(17,158.6)		273,691.1
Shares not in the form of CPOs		61,284.3		—	​	(5,679.5)		55,604.8
Total		352,134.0		—	​	(22,838.1)		329,295.9
CPOs		2,485.9		—	​	(146.7)		2,339.2

​

(1) As of December 31, 2021, the authorized and issued capital stock amounted to Ps.4,836,708 (nominal Ps.2,423,549).

(2) In connection with a share repurchase program that was approved by the Company’s stockholders and is exercised at the discretion of management. During the year ended December 31, 2021, the Company did not buy any shares under this program. In 2020, the Company repurchased 616.0 million shares, 5.3 million CPOs, in the amount of Ps.195,597. In April 2021, the Company’s stockholders approved the cancellation of 5,173.2 million shares of capital stock in the form of 44.2 million CPOs which were repurchased by the Company in 2019 and 2020 under this program.

(3) Primarily, in connection with the Company’s LTRP described below.

Schedule of reconciliation of the number of shares and CPOs outstanding

A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2021 and 2020, is presented as follows (in millions):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Series “A”	​	Series “B”	​	Series “D”	​	Series “L”	​	Shares	​	CPOs
​		Shares		Shares		Shares		Shares		Outstanding		Outstanding
As of January 1, 2020		116,223.9		52,852.8		84,083.8		84,083.8		337,244.3		2,402.4
Repurchased (1)		(131.6)		(115.8)		(184.3)		(184.3)		(616.0)		(5.3)
Cancelled and forfeited (2)	​	(3,097.4)	​	(1,830.0)	​	(2,911.3)	​	(2,911.3)	​	(10,750.0)	​	(83.2)
Acquired (2)	​	(86.0)	​	(75.6)	​	(120.3)	​	(120.3)	​	(402.2)	​	(3.4)
Released (2)		110.3		97.1		154.5		154.5		516.4		4.4
As of December 31, 2020		113,019.2		50,928.5		81,022.4		81,022.4		325,992.5		2,314.9
Forfeited (2)		(187.9)		(165.4)		(263.1)		(263.1)		(879.5)		(7.5)
Acquired (2)	​	(429.8)	​	(378.2)	​	(601.7)	​	(601.7)	​	(2,011.4)	​	(17.2)
Released (2)		1,683.5		1,078.6		1,716.1		1,716.1		6,194.3		49.0
As of December 31, 2021		114,085.0		51,463.5		81,873.7		81,873.7		329,295.9		2,339.2

​

(1) Repurchased or cancelled by the Company in connection with a share repurchase program.

(2) Acquired, released, cancelled or forfeited by a Company’s trust in connection with the Company’s Long-Term Retention Plan described below.

Schedule of arrangements and weighted-average assumptions

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	Long-Term Retention Plan
Arrangements:										​	​
Year of grant	​	2017		2018		2019		2020		2021	​
Number of CPOs or CPOs equivalent granted	​	37,000		32,500		72,558		39,200	​	38,800	​
Contractual life	​	3 years	​	3 years		2.67 years	​	3 years	​	3 years	​
​	​	​	​	​	​	​	​	​	​	​	​
Assumptions:	​	​	​	​	​	​	​	​	​	​	​
Dividend yield	​	0.38	%	0.55	%	0.82	%	1.38	%	0.94	%
Expected volatility (1)	​	24.58	%	25.38	%	30.47	%	35.13	%	43.74	%
Risk-free interest rate	​	7.04	%	7.17	%	6.88	%	5.74	%	5.51	%
Expected average life of awards	​	2.96 years		3.00 years		2.67 years		3.00 years	​	3.00 years	​

​

(1) Volatility was determined by reference to historically observed prices of the Company’s CPOs.

Summary of the stock awards for employees

A summary of the stock conditionally sold to employees under the LTRP as of December 31, is presented below (in Mexican pesos and thousands of CPOs):

​

​	​	​	​	​	​	​	​	​
​	​	2021			​	2020
​	​	CPOs or CPOs	​	Weighted- Average	​	CPOs or CPOs	​	Weighted- Average
​		Equivalent		Exercise Price		Equivalent		Exercise Price
​	​	​	​	​	​	​	​	​
Long-Term Retention Plan:	​		​		​		​
Outstanding at beginning of year		160,365		39.36		243,472		65.19
Conditionally sold		38,800		8.62		39,200		6.84
Paid by employees		(8,633)		38.30		—		—
Forfeited		(13,674)		64.96		(122,307)		81.36
Outstanding at end of year		176,858		31.22		160,365		39.36
To be paid by employees at end of year		60,155		52.69		23,361		80.72

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