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Share Based Compensation Plans | 12 Months Ended
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Dec. 31, 2021
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
Share Based Compensation Plans | NOTE 13. SHARE-BASED COMPENSATION PLANS Precision’s omnibus equity incentive plan ( Omnibus Plan ) allows the Corporation to settle short-term incentive awards (annual bonus) and long-term incentive awards (share options, performance share units and restricted share units) issued on or after February 8, 2017 in voting shares of Precision (either issued from treasury or purchased in the open market), cash, or a combination of both. Precision intends to settle all short-term incentive, restricted share unit and performance share unit awards issued under the Omnibus Plan in cash and to settle options in voting shares. Liability Classified Plans
|  | Restricted Share Units |  |  | Performance Share Units |  |  | Executive Performance Share Units |  |  | Non- Management Directors’ DSUs |  |  | Total |
Balance, December 31, 2019 |  | $ | 7,318 |  |  | $ | 2,858 |  |  | $ | — |  |  | $ | 3,336 |  |  | $ | 13,512 |
Expensed during the period |  |  | 3,119 |  |  |  | 2,787 |  |  |  | — |  |  |  | (1,551 | ) |  |  | 4,355 |
Reclassification from equity-settled plans |  |  | — |  |  |  | — |  |  |  | 6,833 |  |  |  | — |  |  |  | 6,833 |
Payments |  |  | (3,813 | ) |  |  | (894 | ) |  |  | — |  |  |  | (176 | ) |  |  | (4,883 | )
Balance, December 31, 2020 |  |  | 6,624 |  |  |  | 4,751 |  |  |  | 6,833 |  |  |  | 1,609 |  |  |  | 19,817 |
Expensed during the period |  |  | 17,168 |  |  |  | 18,634 |  |  |  | 17,646 |  |  |  | 3,065 |  |  |  | 56,513 |
Reclassification from equity-settled plans |  |  | — |  |  |  | — |  |  |  | (3,164 | ) |  |  | — |  |  |  | (3,164 | )
Payments |  |  | (5,742 | ) |  |  | (1,861 | ) |  |  | (4,808 | ) |  |  | — |  |  |  | (12,411 | )
Balance, December 31, 2021 |  | $ | 18,050 |  |  | $ | 21,524 |  |  | $ | 16,507 |  |  | $ | 4,674 |  |  | $ | 60,755 |
Current |  |  | 11,338 |  |  |  | 6,182 |  |  |  | 16,507 |  |  |  | — |  |  |  | 34,027 |
Long-term |  |  | 6,712 |  |  |  | 15,342 |  |  |  | — |  |  |  | 4,674 |  |  |  | 26,728 |
Balance, December 31, 2021 |  | $ | 18,050 |  |  | $ | 21,524 |  |  | $ | 16,507 |  |  | $ | 4,674 |  |  | $ | 60,755 |
(a) Restricted Share Units and Performance Share Units Precision has various cash-settled share-based incentive plans for officers and other eligible employees. Under the Restricted Share Unit ( RSU ) incentive plan, shares granted to eligible employees vest annually over a three-year term. Vested shares are automatically paid out in cash at a value determined by the fair market value of the shares at the vesting date. Under the Performance Share Unit ( PSU ) incentive plan, shares granted to eligible employees vest at the end of a three-year term. Vested shares are automatically paid out in cash in the first quarter following the vested term at a value determined by the fair market value of the shares at the vesting date and based on the number of performance shares held multiplied by a performance factor that ranges from zero to two times. The performance factor is based on Precision’s share price performance compared to a peer group over the three-year period. A summary of the RSUs and PSUs outstanding under these share-based incentive plans is presented below:
|  | RSUs Outstanding |  |  | PSUs Outstanding |
December 31, 2019 |  |  | 316,904 |  |  |  | 166,768 |
Granted |  |  | 363,253 |  |  |  | 502,558 |
Redeemed |  |  | (127,884 | ) |  |  | (39,028 | )
Forfeited |  |  | (67,491 | ) |  |  | (64,919 | )
December 31, 2020 |  |  | 484,782 |  |  |  | 565,379 |
Granted |  |  | 356,928 |  |  |  | 488,510 |
Redeemed |  |  | (216,820 | ) |  |  | (40,515 | )
Forfeited |  |  | (26,734 | ) |  |  | (29,640 | )
December 31, 2021 |  |  | 598,156 |  |  |  | 983,734 |
(b) Executive Performance Share Units Precision grants Executive PSUs to certain senior executives. Executive PSUs vest over a three-year period and incorporate performance criteria established at the date of grant that can adjust the number of performance share units available for settlement from zero to two times the amount originally granted. A summary of the activity under this share-based incentive plan is presented below:
Executive Performance Share Units |  | Outstanding |
December 31, 2019 |  |  | 368,845 |
Redeemed |  |  | (57,442 | )
Forfeited |  |  | (22,696 | )
December 31, 2020 |  |  | 288,707 |
Redeemed |  |  | (96,355 | )
Forfeited |  |  | (2,388 | )
December 31, 2021 |  |  | 189,964 |
Included in net loss for the year ended December 31, 2021 is an expense of $18 million (2020 – $15 million). Subsequent to December 31, 2021, Precision settled 131,950 vesting Executive PSUs in 263,900 common shares. (c) Non-Management Directors Precision has a deferred share unit ( DSU ) plan for non-management directors whereby fully vested DSUs are granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in DSUs. These DSUs are redeemable in cash or for an equal number of common shares upon the director’s retirement. The redemption of DSUs in cash or common shares is solely at Precision’s discretion. Non-management directors can receive a lump sum payment or two separate payments any time up until December 15 of the year following retirement. If the non-management director does not specify a redemption date, the DSUs will be redeemed on a single date six months after retirement. The cash settlement amount is based on the weighted average trading price for Precision’s shares on the Toronto Stock Exchange for the five days immediately prior to payout. A summary of the DSUs outstanding under this share-based incentive plan is presented below:
Deferred Share Units |  | Outstanding |
Balance December 31, 2019 |  |  | 89,613 |
Redeemed |  |  | (12,039 | )
Balance December 31, 2020 |  |  | 77,574 |
Granted |  |  | 27,017 |
Balance December 31, 2021 |  |  | 104,591 |
Equity Settled Plans (d) Option Plan Under this plan, the exercise price of each option equals the fair market value of the option at the date of grant determined by the weighted average trading price for the five days preceding the grant. The options are denominated in either Canadian or U.S. dollars, and vest over a period of three years from the date of grant, as employees render continuous service to the Corporation, and have a term of seven years. A summary of the status of the equity incentive plan is presented below:
Canadian Share Options |  | Options Outstanding |  |  | Range of Exercise Prices |  |  | Weighted Average Exercise Price |  |  | Options Exercisable |
December 31, 2019 |  |  | 201,079 |  |  | $ | 87.00 – 286.20 |  |  |  | 145.88 |  |  |  | 178,453 |
Forfeited |  |  | (52,414 | ) |  |  | 87.00 – 203.00 |  |  |  | 165.79 |  |  |  |  |
December 31, 2020 |  |  | 148,665 |  |  |  | 87.00 – 286.20 |  |  |  | 138.86 |  |  |  | 141,156 |
Forfeited |  |  | (33,060 | ) |  |  | 89.20 – 286.20 |  |  |  | 193.10 |  |  |  |  |
December 31, 2021 |  |  | 115,605 |  |  | $ | 87.00 – 146.40 |  |  | $ | 123.35 |  |  |  | 115,605 |
U.S. Share Options |  | Options Outstanding |  |  | Range of Exercise Prices (US$) |  |  | Weighted Average Exercise Price (US$) |  |  | Options Exercisable |
December 31, 2019 |  |  | 318,153 |  |  | $ | 51.20 – 183.60 |  |  | $ | 93.32 |  |  |  | 217,441 |
Forfeited |  |  | (34,360 | ) |  |  | 64.20 – 183.60 |  |  |  | 151.92 |  |  |  |  |
December 31, 2020 |  |  | 283,793 |  |  |  | 51.20 – 183.60 |  |  |  | 86.23 |  |  |  | 239,521 |
Forfeited |  |  | (15,950 | ) |  |  | 183.60 – 183.60 |  |  |  | 183.60 |  |  |  |  |
December 31, 2021 |  |  | 267,843 |  |  | $ | 51.20 – 115.80 |  |  | $ | 80.43 |  |  |  | 257,854 |
Canadian Share Options |  | Total Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices: |  | Number |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Number |  |  | Weighted Average Exercise Price |
$ 87.00 – 117.59 |  |  | 45,590 |  |  | $ | 88.11 |  |  |  | 2.14 |  |  |  | 45,590 |  |  | $ | 88.11 |
117.60 – 146.19 |  |  | 17,035 |  |  |  | 145.97 |  |  |  | 2.13 |  |  |  | 17,035 |  |  |  | 145.97 |
146.20 – 146.40 |  |  | 52,980 |  |  |  | 146.40 |  |  |  | 0.11 |  |  |  | 52,980 |  |  |  | 146.40 |
$ 87.00 – 146.40 |  |  | 115,605 |  |  | $ | 123.35 |  |  |  | 1.21 |  |  |  | 115,605 |  |  | $ | 123.35 |
U.S. Share Options |  | Total Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices (US$): |  | Number |  |  | Weighted Average Exercise Price (US$) |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Number |  |  | Weighted Average Exercise Price (US$) |
$ 51.20 – 66.50 |  |  | 103,035 |  |  | $ | 60.42 |  |  |  | 2.02 |  |  |  | 93,046 |  |  | $ | 61.41 |
66.51 – 105.94 |  |  | 78,323 |  |  |  | 70.69 |  |  |  | 3.05 |  |  |  | 78,323 |  |  |  | 70.69 |
105.95 – 115.80 |  |  | 86,485 |  |  |  | 113.08 |  |  |  | 1.38 |  |  |  | 86,485 |  |  |  | 113.08 |
$ 51.20 – 115.80 |  |  | 267,843 |  |  | $ | 80.43 |  |  |  | 2.11 |  |  |  | 257,854 |  |  | $ | 81.56 |
No options were granted during 2021 and 2020. Included in net loss for the year ended December 31, 2021 is an expense of $0.2 million (2020 – $1 million). (e) Non-Management Directors Prior to January 1, 2012, Precision had a deferred share unit plan for non-management directors. Under the plan, fully vested deferred share units were granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in deferred share units. These deferred share units are redeemable into an equal number of common shares any time after the director’s retirement. A summary of this share-based incentive plan is presented below:
Deferred Share Units |  | Outstanding |
December 31, 2019 |  |  | 4,659 |
Redeemed |  |  | (3,189 | )
December 31, 2020 and 2021 |  |  | 1,470 |

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