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Labor and social obligations (Tables)
 12 Months Ended
Dec. 31, 2021
Labor And Social Obligations  
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 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.

 

On January 25, 2021, March 25, 2021, April 26, 2021, June 1, 2021 and November 1, 2021, the Company granted 545,000, 65,000, 139,000, 180,000 and 241,000 additional stock options, respectively:

 

  January 2021 March 2021 April 2021 June 2021 November 2021
Strike price at the measurement date R$115 R$105 R$105 R$105 R$85
Dividend yield (%) 0.0% 0.0% 0.0% 0.0% 0.0%
Expected volatility (%) 38% - 67% 42% - 65% 43% - 51% 43% - 63% 41% - 65%
Risk-free interest rate (%) 2.1% - 7.1% 5.2% - 8.5% 5.1% - 8.1% 5.8% - 8.3% 10.4% - 12.5%
Expected life of stock options (years) 1 – 5 1 – 5 1 – 5 1 – 5 1 – 5
Share price at the measurement date R$ 129 R$ 108 R$ 119 R$ 121 R$ 8
Model used Binomial Binomial Binomial Binomial Binomial
Weighted average fair value at the measurement date R$ 46.81 R$ 40.20 R$ 46.04 R$ 49.10 R$46.28

 
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
  2021 2020
Outstanding at January 1 78.22 2,510,983 2,364,214
Granted 109.18 1,170,000 477,220
Forfeited 112.89 (60,000) (274,359)
Exercised 78.15 (442,669) (56,092)
Expired 78.21 (91,586) -
Outstanding at December 31 92.33 3,086,728 2,510,983