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15 Labor and social obligations (Tables)
 12 Months Ended
Dec. 31, 2020
Labor And Social Obligations  
Schedule of inputs to the model used to determine the fair value of the stock options

The following table list the inputs to the model used to determine the fair value of the stock options:

 

  05/15/2018 02/07/2019 03/29/2019*
       
Weighted average fair value at the measurement date R$ 366.16 R$ 529.12 R$ 684.22
Dividend yield (%) 0.0% 0.0% 0.0%
Expected volatility (%) 49.5% 45.5% 43.7%
Risk-free interest rate (%) 7.7% 7.6% 7.2%
Expected life of stock options (years) 4.0 4.0 4.0
Weighted average share price R$254.13 R$ 368.41 R$ 213.35
Model used Monte Carlo Monte Carlo Black & Scholes
       

*After the corporate reorganization described in Note 1, the options originally granted under the Guardaya’s plan granted on August 10, 2018 were remeasured at fair value and included in Afya Brazil’s plan with no changes to the previous terms and conditions other than the shares subject to such options granted and, consequently, the number of stock and exercise price of the shares as per the share exchange ratio applied on the corporate reorganization.
Schedule of illustrates the number and movements in stock options

The following table illustrates the number and movements in stock options during the periods:

 

    Number of stock options (i) – 2019 Number of stock options (i) – 2018
Outstanding at January 1   1,291,248 -
Granted   293,860 1,434,720
Forfeited    -    -
Addition of Guardaya’s plan   257,320 -
Exercised   (1,842,428) (143,472)
Expired   - -
Outstanding at December 31   - 1,291,248

 

(i) The number of common shares outstanding from Afya Brazil was retrospectively adjusted in the proportion of 1:28 due to the contribution of the shareholders of Afya Brazil into Afya in a one-to-28 exchange for the shares of Afya Brazil contributed to Afya, which did not result in changes on the arrangements of the plans.
Schedule of share-based compensation plan

The following table illustrates the number and movements in stock options during the period:

 

  Weighted average exercise price (in Reais) Number of stock options
  2020 2019
Outstanding at January 1 74.53 2,364,214 -
Granted 94.55 477,220 2,364,214
Forfeited 74.57 (274,359) -
Exercised 96.20 (56,092) -
Expired   - -
Outstanding at December 31 78.22 2,510,983 2,364,214
Schedule of model used to determine the fair value of the stock options

The following table list the inputs to the model used to determine the original fair value of the stock options granted in March 2020 and September 2019:

 

  March 2020 September 2019
Strike price at the measurement date US$ 19.00 US$ 19.00
Dividend yield (%) 0.0% 0.0%
Expected volatility (%) 39.7% 38.9%
Risk-free interest rate (%) 0.8% 1.4%
Expected life of stock options (years) 4.0 5.0
Share price at the measurement date US$ 16.30 US$ 21.90
Model used Binomial Binomial
Weighted average fair value at the measurement date US$ 3.94 US$ 6.55

 

The following table list the inputs to the model used to determine the incremental fair value of the stock options as result of the modification:

 

  Modified plan Original plan (*)
Strike price at the measurement date R$ 74.38 R$ 99.09
Dividend yield (%) 0.0% 0.0%
Expected volatility (%) 41% - 76% 42% - 76%
Risk-free interest rate (%) 2.0% - 4.9% 0.2% - 0.4%
Expected life of stock options (years) 1 – 4 1 – 4
Share price at the measurement date R$ 133.68 R$ 133.68
Model used Binomial Binomial
Weighted average fair value at the measurement date R$ 69.54 R$ 57.12

 

(*) The strike price of the original plan was based in U.S. dollars.

 

The following table list the inputs to the model used to determine the fair value of the stock options granted on August 17,2020, November 26, 2020 and December 16, 2020, which has been granted in line with the modified plan on July 29, 2020:

 

  August 2020 November 2020 December 2020
Strike price at the measurement date R$74 – R$122 R$126 R$97
Dividend yield (%) 0.0% 0.0% 0.0%
Expected volatility (%) 41% - 75% 40% - 69% 69%
Risk-free interest rate (%) 2.2% - 6.1% 2.2% - 6.9% 0.9%
Expected life of stock options (years) 1 – 5 1 – 5 1
Share price at the measurement date R$ 136 145.15 R$ 119.78
Model used Binomial Binomial Binomial
Weighted average fair value at the measurement date R$ 67.12 R$ 56.43 R$ 40.38