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SHARE BASED PAYMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based payment arrangement, unvested options, activity

As of December 31, 2023, the Company had the following share options outstanding, of which all the share options either fully vested or expected to vest:

																														Assumptions used(1)
						Grant date						Share options						Initial Exercise Price ($)						Vesting date						Risk-free interest rate						Expected Volatility
August 2021 Tranche						Aug-21						129,500						15.60						Sep-23						0.82		%				40.8		%
August 2021 Tranche						Aug-21						234,000						17.20						Sep-24						0.82		%				40.8		%
May 2022 Tranche						May-22						12,500						25.00						May-23						2.91		%				45.0		%
May 2022 Tranche						May-22						17,500						25.00						May-24						2.91		%				45.0		%
May 2022 Tranche						May-22						20,000						25.00						May-25						2.91		%				45.0		%
Total												413,500

(1)    The fair value of the share options was calculated using these assumptions as of the grant date using the Black-Scholes option valuation model. The risk-free interest rate was estimated using the interest rate on five-year US treasury rate. The volatility was estimated using historical volatility of share price data. The dividend yield has been estimated at 0% as the exercise price is reduced by all dividends declared by the Company from the date of grant to the exercise date. It was assumed that all of the options granted in August 2021 and May 2022 Tranches will vest and therefore no forfeitures were assumed. The effect of forfeitures is recognized as incurred.

A summary of option activity under the Share Option Scheme as of December 31, 2023, and changes during the year then ended is presented below:

Options						Shares						Weighted average exercise price per share ($)						Weighted average remaining contractual term (years)						Aggregate Intrinsic Value ($'000)
Outstanding at December 31, 2022 (1)						488,750						12.87
Exercised						(75,250)						8.45
Outstanding at December 31, 2023 (1)						413,500						9.85						2.8						7,945
Exercisable at December 31, 2023 (1)						142,000						8.57						2.7						2,910

(1)     The weighted average exercise price has been adjusted by the amount of all dividends declared by the Company in the period, from the date of grant until the date the option is exercised.

Schedule of nonvested share activity

A summary of the status of the Company's nonvested shares as of December 31, 2023, and changes during the year ended December 31, 2023, is presented below.

Nonvested Shares						Shares						Weighted average grant date fair value ($)
Nonvested at December 31, 2022						488,750						17.33
Granted						—						—
Vested						(217,250)						16.14
Forfeited						—						—
Nonvested at December 31, 2023						271,500						18.28

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- References

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- Definition

Tabular disclosure of the changes in outstanding nonvested shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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