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Shareholders' Equity
 12 Months Ended
Dec. 31, 2022
Shareholders' Equity [Abstract]  
Shareholders' Equity
Note 14 - Shareholders’ Equity
 
 
A.
General
 
The Company shares are traded on the NASDAQ Global Market under the symbol of CAMT, and also listed and traded on the Tel-Aviv stock exchange.
 
In November 2020, the Company completed a successful public offering of 4,025,000 ordinary shares, which includes the full exercise of the underwriters’ option to purchase 525,000 additional ordinary shares, at a price to the public of $17.00 per share. The net proceeds to the Company, after the deduction of underwriting discounts and commissions and other offering expenses, totaled $64,320.
 
 
B.
Stock Option Plan
 
As of December 31, 2022, the Company has one effective Share Incentive Plan (and Sub-Plan for Grantees Subject to Israeli Taxation) for the issuance of options, restricted share units and/ or restricted shares to employees, officers, directors, consultants and other services providers of the Company or any affiliated companies thereof (the “2018 Plan”). The 2018 Plan was adopted by the Company in April 2018 and thereby replaced the Company’s previous equity plans (the “2014 Share Option Plan” and the “2007 Restricted Share Unit Plan”). The total number of equity awards that may be granted under the 2018 Plan during each calendar year is equal to three and a half percent (3.5%) of the Company’s total issued and outstanding Share capital as of December 31 of the preceding calendar year.
 
The fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model that used the weighted average assumptions in the following table and recognized over the vesting period of four years. The risk‑free rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. In 2022, no options grants were made.
 
   
2021 Grant
  
Valuation assumptions:
      
Dividend yield
    
0
  
Expected volatility
    
48
%
Risk-free interest rate
    
1.19
%
Expected life (years)
    
4.0
  
Vesting period (years)
    
1.0
  

 

 
The total intrinsic value of outstanding options as of December 31, 2022, 2021, and 2020 is $375, $738 and $1,628, respectively.
 
The total intrinsic value of vested options as of December 31, 2022, 2021, and 2020 is $375, $683 and $1,161 respectively.
 
The total stock option compensation expense amounted to $63, $110, and $120 in 2022, 2021 and 2020, respectively.
 
As of December 31, 2022, all share options were vested. As such, there was no unrecognized compensation cost related to non-vested share-based compensation arrangements.
 
Share option activity during the past three years is as follows:
 
   
Year Ended December 31,
  
   
2022
    
2021
    
2020
  
         
Weighted
          
Weighted
          
Weighted
  
   
Number
    
average
    
Number
    
average
    
Number
    
average
  
   
of
    
exercise
    
of
    
exercise
    
of
    
exercise
  
   
options
    
price US$
    
options
    
price US$
    
options
    
price US$
  
Outstanding at January 1
    
22,102
      
12.66
      
89,925
      
3.80
      
309,792
      
3.29
  
Granted
    
-
      
-
      
5,704
      
36.45
      
-
      
-
  
Forfeited and cancelled
    
-
      
-
      
(106
)
    
4.38
      
(12,876
)
    
3.74
  
Exercised
    
(784
)
    
4.38
      
(73,421
)
    
3.67
      
(206,991
)
    
3.04
  
                                                 
Outstanding at year end
    
21,318
      
12.96
      
22,102
      
12.66
      
89,925
      
3.80
  
                                                 
Exercisable at year end
    
21,318
      
12.96
      
16,398
      
4.38
      
63,253
      
3.55
  

 

 
               
Weighted
    
Aggregate
  
   
Number
    
Weighted
    
Average
    
intrinsic
  
   
of
    
average
    
Remaining
    
Value (in
  
   
options
    
exercise
    
Contractual
    
US$
  
   
outstanding
    
price US$
    
term (years)
    
thousands)
  
                         
Outstanding and exercisable as of December 31, 2022
    
21,318
      
12.96
      
2.78
      
375
  
 
The following table summarizes information about non-vested options at December 31, 2022:
 
         
Weighted
  
         
average
  
         
grant- date
  
   
Options
    
fair value
  
Balance at January 1, 2022
    
5,704
      
17.52
  
Granted
    
-
      
-
  
Vested
    
(5,704
)
    
17.52
  
Forfeited
    
-
      
-
  
                 
Balance at December 31, 2022
    
-
      
-
  

 

     
  C.
Restricted Share Unit Plan
 
In April 2018, the Company adopted a Restricted Share Unit (“RSU”) Plan (the “Plan”) to replace the 2007 Restricted Share Unit Plan, pursuant to which the Company’s Board of Directors may grant shares to officers and key employees. The total number of shares, which may be granted to directors, officers, employees and consultants under this Plan, is limited to 3.5% out of the outstanding shares (1,554,437 as of December 31, 2022). Forfeited units are returned to the pool.
 
The exercise price for each grantee shall be as determined by the Board and specified in the applicable RSU notice of grant; provided, however, that unless otherwise determined by the Board (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law), the exercise price shall be no more than the underlying share’s nominal value. For the removal of any doubt, the Board is authorized (without the need for shareholder approval unless so required in order to comply with Mandatory Law) to determine that the exercise price of an RSU is to be $0.00.
 
Unless otherwise determined by the Board with respect to any specific grantee or to any specific grant, (which determination shall not require shareholder approval unless so required in order to comply with Mandatory Law) and provided accordingly in the applicable RSU notice of grant, the RSUs shall vest (become automatically exercised) according to the vesting schedules as determined by the Board.
 
   
 
 
RSUs
    
Weighted
average grant
date value
  
Balance at January 1, 2022
    
1,059,181
    
$
15.55
  
Granted
    
632,861
    
$
36.69
  
Vested
    
(565,515
)
  
$
12.89
  
Forfeited
    
(25,106
)
  
$
31.55
  
                 
Balance at December 31, 2022
    
1,101,421
    
$
28.58
  
 
The total intrinsic value of outstanding RSUs as of December 31, 2022, 2021 and 2020 is $21.96, $46.04 and $21.91, respectively.
 
The weighted average grant date fair value of RSUs granted during 2022, 2021, and 2020 is $36.69, $34.33 and $11.83, respectively.
 

The total compensation cost from RSUs recognized in the year ending December 31, 2022, amounted to $10,460. This is recorded as salary expenses within cost of goods and operating expenses. The unrecognized compensation expense in the amount of $24,821 will be recognized in the years 2023 to 2026.