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Share-Based Compensation (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Summary of Share-based Compensation Expenses The share-based compensation expense included in the determination of net earnings was:
 
                 
Three months ended March 31,
  
2022
     2021  
Equity settled share-based payments
  
$
457
 
   $ 440  
Cash settled share-based payments
  
 
3,592
 
     4,827  
    
 
 
    
 
 
 
Share-based compensation expense
  
$
4,049
 
   $ 5,267  
    
 
 
    
 
 
 
The share-based compensation expense includ
e
d in the determination of net earnings was:
 
                         
Years ended December 31,
  
2021
     2020      2019  
Equity settled share-based payments
  
$
1,783
 
   $ 1,725      $ 2,735  
Deferred share units
  
 
3,053
 
     (1,830      (720
Phantom share entitlement plan
  
 
102
 
     (54      (449
Performance share units
  
 
3,470
 
     667        2,754  
Restricted share units
  
 
2,751
 
     755        2,199  
Cash performance target
  
 
1,778
 
     553        1,230  
    
 
 
    
 
 
    
 
 
 
Share-based compensation expense
  
$
12,937
 
   $ 1,816      $ 7,749  
    
 
 
    
 
 
    
 
 
 
Summary of Equity-Settled Share-Based Payments
(b)
Equity-Settled Share-Based Payments
 
                                 
    
March 31, 2022
     December 31, 2021  
    
Number of

options
    
Weighted
average
exercise
price
     Number of
options
     Weighted
average
exercise
price
 
Options outstanding, beginning of period
  
 
4,456,444
 
  
$
11.66
 
     4,057,142      $ 12.78  
Granted
  
 
—  
 
  
 
—  
 
     654,847        7.85  
Exercised
1
  
 
(2,120
  
 
5.51
 
     —          —    
Forfeited
  
 
(27,286
  
 
13.51
 
     (24,267      9.25  
Expired
  
 
—  
 
  
 
—  
 
     (231,278      20.75  
    
 
 
    
 
 
    
 
 
    
 
 
 
Options outstanding, end of period
  
 
4,427,038
 
  
$
11.65
 
     4,456,444      $ 11.66  
    
 
 
    
 
 
    
 
 
    
 
 
 
Options exercisable, end of period
  
 
2,415,824
 
  
$
13.63
 
     2,445,230      $ 13.62  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
2021
     2020  
Years ended December 31,
  
Number of
options
   
Weighted
average
exercise price
     Number of
options
    Weighted
average
exercise price
 
Options outstanding, beginning of period
  
 
4,057,142
 
 
$
12.78
 
     3,565,521     $ 14.67  
Granted
  
 
654,847
 
 
 
7.85
 
     839,478       5.51  
Forfeited
  
 
(24,267
 
 
9.25
 
     (121,547     15.20  
Expired
  
 
(231,278
 
 
20.75
 
     (226,310     14.33  
    
 
 
   
 
 
    
 
 
   
 
 
 
Options outstanding, end of period
  
 
4,456,444
 
 
$
11.66
 
     4,057,142     $ 12.78  
    
 
 
   
 
 
    
 
 
   
 
 
 
Options exercisable, end of period
  
 
2,445,230
 
 
$
13.62
 
     1,810,577     $ 14.73  
    
 
 
   
 
 
    
 
 
   
 
 
 
 
1
No options were exercised for the years ended December 31, 2021 and 2020.
Summary of Weighted Average Assumptions Used in Determination of Fair Values  
The weighted average assumptions used in determinations of fair values are noted below:
 
Years ended December 31,
  
2021
    2020  
Expected life (years)
  
 
5.26
 
    5.34  
Expected volatility
1
  
 
44.4
    43.6
Dividend yield
  
 
1.0
    1.4
Risk-free rate
  
 
1.1
    0.5
Estimated forfeiture rate
  
 
3.9
    3.6
 
 
1
Expected volatility is based on the historical volatility of Enerflex over a five-year period, consistent with the expected life of the option.
Summary of Options Outstanding and Exercisable The following table summarizes options outstanding and exercisable at March 31, 2022:
 
                                                 
    
Options Outstanding
    
Options Exercisable
 
Range of exercise prices
   Number
outstanding
     Weighted
average
remaining
life
(years)
     Weighted
average
exercise
price
     Number
outstanding
     Weighted
average
remaining
life
(years)
     Weighted
average
exercise
price
 
$5.51 – $9.77
     1,475,830        5.81      $ 6.54        165,775        5.37      $ 5.51  
$9.78 – $14.75
     1,657,799        2.37        12.85        1,174,530        1.55        12.65  
$14.76 – $16.12
     1,293,409        1.61        15.95        1,075,519        1.30        15.94  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
  
 
4,427,038
 
  
 
3.30
 
  
$
11.65
 
  
 
2,415,824
 
  
 
1.70
 
  
$
13.63
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
    
Options Outstanding
    
Options Exercisable
 
Range of exercise prices
   Number
outstanding
     Weighted
average
remaining life
(years)
     Weighted
average
exercise price
     Number
outstanding
     Weighted
average
remaining life
(years)
     Weighted
average
exercise price
 
$5.51 – $9.77
     1,477,950        6.06      $ 6.53        167,895        5.62      $ 5.51  
$9.78 – $14.75
     1,677,399        2.61        12.85        1,194,130        1.79        12.65  
$14.76 – $16.12
     1,301,095        1.86        15.95        1,083,205        1.56        15.94  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
  
 
4,456,444
 
  
 
3.53
 
  
$
11.66
 
  
 
2,445,230
 
  
 
1.95
 
  
$
13.62
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
Deferred share units [member]    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Summary of Share Units
 
                 
     Number of
DSUs
     Weighted average
grant date fair
value per unit
 
DSUs outstanding, January 1, 2022
     1,406,170      $ 10.51  
Granted
     76,751        8.14  
In lieu of dividends
     4,269        7.81  
    
 
 
    
 
 
 
DSUs outstanding, March 31, 2022
  
 
1,487,190
 
  
$
10.38
 
    
 
 
    
 
 
 
     Number of DSUs      Weighted average grant
date fair value per unit
 
DSUs outstanding, January 1, 2021
     1,147,182      $ 11.01  
Granted
     247,317        8.33  
In lieu of dividends
     11,671        8.15  
    
 
 
    
 
 
 
DSUs outstanding, December 31, 2021
  
 
1,406,170
 
  
$
10.51
 
    
 
 
    
 
 
 
Phantom Share Entitlement Plan [member]    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Summary of Share Units  
 
     Number of PSEs      Weighted average grant
date fair value per unit
 
PSEs outstanding, January 1, 2021
     198,205      $ 12.69  
Granted
     24,715        7.85  
    
 
 
    
 
 
 
PSEs outstanding, December 31, 2021
  
 
222,920
 
  
$
12.15
 
    
 
 
    
 
 
 
Performance share units [member]    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Summary of Share Units  
 
     Number of PSUs      Weighted average grant
date fair value per unit
 
PSUs outstanding, January 1, 2021
     982,835      $ 9.35  
Granted
     419,195        7.85  
In lieu of dividends
     10,423        8.18  
Vested
     (104,037      7.36  
    
 
 
    
 
 
 
PSUs outstanding, December 31, 2021
  
 
1,308,416
 
  
$
9.02
 
    
 
 
    
 
 
 
Restricted share units [member]    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Summary of Share Units  
     Number of RSUs      Weighted average grant
date fair value per unit
 
RSUs outstanding, January 1, 2021
     782,517      $ 7.52  
Granted
     472,819        7.85  
In lieu of dividends
     8,021        8.15  
Vested
     (292,205      7.79  
Forfeited
     (74,678      7.37  
    
 
 
    
 
 
 
RSUs outstanding, December 31, 2021
  
 
896,474
 
  
$
7.62