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Shareholders' Equity (Tables) | 12 Months Ended
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Dec. 31, 2018
Stockholders' Equity Note [Abstract] |
Schedule of assumptions used in estimation of grant date fair value of RSUs |
The Company recognizes compensation expenses on these RSUs based on estimated grant date fair value, with the following assumptions:
| 2014 | 2015
Expected dividend yield | 2.06% | 3.22%
Termination rate | 4.35% | 0%
Schedule of assumptions used in estimation of grant date fair value of options |
The Company recognizes compensation expenses on these options based on estimated grant date fair value using the Binomial option-pricing model with the following assumptions:
Average Risk-free interest rate (a) | 2.08%
Expected dividend yield | 2.09%
Average expected volatility (b) | 53.01%
Termination rate | 9%
Suboptimal factor (c) | 3.4
(a) | Risk-free interest rate represents risk free US$ zero-coupon US Government Bonds at time of grant.
(b) | Expected average volatility represents a weighted average standard deviation rate for the price of the Company’s ordinary shares on the NASDAQ National Market.
(c) | Suboptimal factor represents the multiple of the increase in the market share price on the day of grant of the option which, should it come to pass, will lead to exercise of the option by the employee. It is the average suboptimal factor of the Company and similar companies.
The Company recognizes compensation expenses on these options based on estimated grant date fair value using the Binomial option-pricing model with the following assumptions:
Average Risk-free interest rate (a) | 1.58%
Expected dividend yield | 2.42%
Average expected volatility (b) | 47.90%
Termination rate | 9%
Suboptimal factor(c) | 3.32
(a) | Risk-free interest rate represents risk free US$ zero-coupon US Government Bonds at time of grant.
(b) | Expected average volatility represents a weighted average standard deviation rate for the price of the Company’s ordinary shares on the NASDAQ National Market.
(c) | Suboptimal factor represents the multiple of the increase in the market share price on the day of grant of the option which, should it come to pass, will lead to exercise of the option by the employee. It is the average suboptimal factor of the Company and similar companies.
The Company recognizes compensation expenses on these options based on estimated grant date fair value using the Binomial option-pricing model with the following assumptions:
Average Risk-free interest rate (a) | 2.35%
Expected dividend yield | 2.42%
Average expected volatility (b) | 43.71%
Termination rate | 9%
Suboptimal factor (c) | 3.28
(a) | Risk-free interest rate represents risk free US$ zero-coupon US Government Bonds at time of grant.
(b) | Expected average volatility represents a weighted average standard deviation rate for the price of the Company’s ordinary shares on the NASDAQ National Market.
(c) | Suboptimal factor represents the multiple of the increase in the market share price on the day of grant of the option which, should it come to pass, will lead to exercise of the option by the employee. It is the average suboptimal factor of the Company and similar companies.
The Company recognizes compensation expenses on these RSUs based on estimated grant date fair value, with the following assumptions:
Expected dividend yield | 2.68%
Termination rate | 1.74%
The Company recognizes compensation expenses on these options based on estimated grant date fair value using the Binomial option-pricing model with the following assumptions:
Average Risk-free interest rate (a) | 2.92%
Expected dividend yield | 0.0 %
Average expected volatility (b) | 45.13%
Termination rate | 9%
Suboptimal factor (c) | 3.2
(a) | Risk-free interest rate represents risk free US$ zero-coupon US Government Bonds at time of grant.
(b) | Expected average volatility represents a weighted average standard deviation rate for the price of the Company’s ordinary shares on the NASDAQ National Market.
(c) | Suboptimal factor represents the multiple of the increase in the market share price on the day of grant of the option which, should it come to pass, will lead to exercise of the option by the employee. It is the average suboptimal factor of the Company and similar companies.
Stock Option Summary |
The following table summarizes information regarding stock options as at December 31, 2018:
|  |  | Options outstanding |  |  | Options exercisable |
|  |  |  |  |  | Weighted average |  |  |  |  |  | Weighted average |
|  |  |  |  |  | remaining |  |  |  |  |  | remaining |
Exercise price |  |  | Number |  |  | contractual life |  |  | Number |  |  | contractual life |
US$ |  |  | of options |  |  | (in years) |  |  | of options |  |  | (in years) |
15.28 |  |  |  | 6,575 |  |  |  | 1.7 |  |  |  | 6,575 |  |  |  | 1.7 |
26.91 |  |  |  | 20,415 |  |  |  | 4.6 |  |  |  | 20,415 |  |  |  | 4.6 |
33.27 |  |  |  | 19,706 |  |  |  | 7.3 |  |  |  | 19,706 |  |  |  | 7.3 |
28.38 |  |  |  | 77,616 |  |  |  | 5.4 |  |  |  | 77,616 |  |  |  | 5.4 |
39.62 |  |  |  | 109,840 |  |  |  | 6.1 |  |  |  | - |  |  |  | - |
36.11 |  |  |  | 131,343 |  |  |  | 7.3 |  |  |  | - |  |  |  | - |
|  |  |  | 365,495 |  |  |  |  |  |  |  | 124,312 |  |  |  |  |
Stock Option Activity |
The stock option activity under the abovementioned plans is as follows:
|  |  |  |  | Weighted |  |  | average |
|  | Number |  |  | average |  |  | grant date |
|  | of options |  |  | exercise price |  |  | fair value |
|  |  |  |  | US$ |  |  | US$ |
Balance at January 1, 2016 |  |  | 214,701 |  |  |  |  |  |  |
Granted* |  |  | 116,455 |  |  |  | 29.34 |  |  |  | 10.96 |
Exercised |  |  | (62,269 | ) |  |  | 15.28 |  |  |  | 6.54 |
Forfeited |  |  | (2,882 | ) |  |  | 29.71 |  |  |  | 11.79 |
Balance at December 31, 2016 |  |  | 266,005 |  |  |  |  |  |  |  |  |
Granted |  |  | 119,925 |  |  |  | 39.62 |  |  |  | 11.89 |
Exercised |  |  | (124,918 | ) |  |  | 21.46 |  |  |  | 8.46 |
Forfeited |  |  | (11,101 | ) |  |  | 33.18 |  |  |  | 10.87 |
Balance at December 31, 2017 |  |  | 249,911 |  |  |  |  |  |  |  |  |
Granted |  |  | 137,010 |  |  |  | 36.11 |  |  |  | 14.71 |
Exercised |  |  | (9,674 | ) |  |  | 28.02 |  |  |  | 9.94 |
Forfeited |  |  | (11,752 | ) |  |  | 36.73 |  |  |  | 13.05 |
Balance at December 31, 2018 |  |  | 365,495 |  |  |  |  |  |  |  |  |
Exercisable at December 31, 2018 |  |  | 124,312 |  |  |  |  |  |  |  |  |
| * | In 2016 the Company granted in the aggregate, 116,455 options. Regarding the grant of 93,660 options, see Note 12E. Regarding the grant of 22,795 options, see Note 3B.
Schedule of Restricted Share Units activity |
The Restricted Share Units activity under the abovementioned plans is as follows:
|  |  |  |  | Weighted |
|  | Number of |  |  | average |
|  | Restricted |  |  | grant date |
|  | Share Units |  |  | fair value |
|  |  |  |  | US$ |
Balance at January 1, 2016 |  |  | 78,000 |  |  |  |
Vested |  |  | (35,000 | ) |  |  | 46.54 |
Balance at December 31, 2016 |  |  | 43,000 |  |  |  |  |
Granted |  |  | 78,000 |  |  |  | 34.90 |
Vested |  |  | (43,000 | ) |  |  | 42.52 |
Balance at December 31, 2017 and December 31, 2018 |  |  | 78,000 |  |  |  |  |
Summary of Allocation of the Stock-Based Compensation Expenses |
| During 2016, 2017 and 2018, the Company recorded share-based compensation expenses. The following summarizes the allocation of the stock-based compensation expenses:
|  | Year ended December 31 |
|  | 2016 |  |  | 2017 |  |  | 2018 |
|  | US$ thousands |  |  | US$ thousands |  |  | US$ thousands |
Cost of sales |  |  | 180 |  |  |  | 320 |  |  |  | 372 |
Research and development costs |  |  | 504 |  |  |  | 832 |  |  |  | 953 |
Selling and marketing expenses |  |  | 366 |  |  |  | 537 |  |  |  | 569 |
General and administrative expenses |  |  | 500 |  |  |  | 736 |  |  |  | 530 |
|  |  | 1,550 |  |  |  | 2,425 |  |  |  | 2,424 |

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