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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of assumptions used in estimation of grant date fair value of RSUs

3.The Company recognizes compensation expenses on these RSUs based on estimated grant date fair value, with the following assumptions:

		2017				2020
Expected dividend yield			2.68	%			0	%
Termination rate			1.74	%			1.58	%

Schedule of assumptions used in estimation of grant date fair value of options

2.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.

2.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.

2.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.

2.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)			2.55	%
Expected dividend yield			0.0	%
Average expected volatility (b)			44.62	%
Termination rate			9	%
Suboptimal factor (c)			3.18

(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.

4.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)			0.75	%
Expected dividend yield			0.0	%
Average expected volatility (b)			45.29	%
Termination rate			9	%
Suboptimal factor (c)			3.16

(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

I.The following table summarizes information regarding stock options as at December 31, 2020:

		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)
26.91				19,332				2.6				19,332				2.6
33.27				19,706				5.3				19,706				5.3
28.38				68,649				3.4				68,649				3.4
39.62				101,004				4.1				101,004				4.1
36.11				114,090				5.3				114,090				5.3
33.83				125,674				6.1				-				-
32.54				141,592				7.4				-				-
				590,047								322,781

Stock Option Activity

J.The stock option activity under the abovementioned plans is as follows:

		Number of options				Weighted average exercise price				Weighted average grant date fair value
						US$				US$
Balance at January 1, 2018			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
Granted			141,928				33.83				13.35
Exercised			(5,500	)			28.09				10.03
Forfeited			(36,676	)			35.88				13.50
Balance at December 31, 2019			465,247
Granted			148,426				32.54				14.82
Exercised			(12,357	)			22.38				8.63
Forfeited			(11,269	)			33.93				14.56
Balance at December 31, 2020			590,047
Exercisable at December 31, 2020			322,781

Schedule of Restricted Share Units activity

K.The Restricted Share Units activity under the abovementioned plans is as follows:

		Number of Restricted Share Units				Weighted average grant date fair value
						US$
Balance at January 1, 2018 and December 31, 2018			78,000
Vested			(39,000	)			35.36
Balance at December 31, 2019			39,000
Granted			86,000				35.33
Vested			(39,000	)			34.43
Balance at December 31, 2020			86,000

Summary of Allocation of the Stock-Based Compensation Expenses

L.During 2018, 2019 and 2020, the Company recorded share-based compensation expenses. The following summarizes the allocation of the stock-based compensation expenses:

		Year ended December 31
		2018				2019				2020
		US$ thousands
Cost of sales			372				437				535
Research and development costs			953				900				959
Selling and marketing expenses			569				493				602
General and administrative expenses			530				525				615
			2,424				2,355				2,711

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