Annual report pursuant to Section 13 and 15(d)

Employee Benefits (Tables)

v3.22.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Share-Based Compensation Expense Stock-based payments are recognized as expense for RSUs, RSAs, PSUs and options, net of estimated forfeitures, as follows:
For the Year Ended December 31,
2022 2021 2020
$’000 $’000 $’000
Total stock-based compensation expense
 34,556 48,186 9,557
Schedule of RSA and RSU Activity
The following table displays RSA activity and weighted average grant date fair values for the year ended December 31, 2022:

RSAs Weighted average grant date fair value per RSA
Balance at January 1, 2022
 201,825  $ 9.98 
Granted 632,000  $ 24.12 
Vested and issued (133,511) $ 21.79 
Forfeited (130,000) $ 26.25 
Balance at December 31, 2022
 570,314  $ 19.50 
Vested and unissued at December 31, 2022
 169,520  $ 15.57 
Unvested at December 31, 2022
 400,794  $ 24.20 
The following table displays RSU activity and weighted average grant date fair values for the year ended December 31, 2022:
RSUs
Weighted average grant date fair value per RSU1
Balance at January 1, 2022
 279,891  $ 155.75 
Granted 934,538  $ 79.50 
Vested and issued (162,815) $ 126.65 
Forfeited (348,791) $ 101.60 
Balance at December 31, 2022
 702,823  $ 82.85 
Vested and unissued at December 31, 2022
 7,178  $ 133.85 
Unvested at December 31, 2022
 695,645  $ 82.30 
(1) The calculation of weighted average grant date fair value excludes RSUs issued to Higi employees upon the acquisition of Higi during the year ended December 31, 2021.
Schedule of Performance Shares Activity
The following table displays PSU activity and weighted average fair values for the periods presented:
PSUs Weighted average fair value
Balance at January 1, 2022
 —  $ — 
Granted 726,000  $ 11.38 
Vested and issued —  $ — 
Forfeited / cancelled during the period (102,000) $ 12.31 
Balance at December 31, 2022
 624,000  $ 11.23 
Vested and unissued at December 31, 2022
 — 
Unvested at December 31, 2022
 624,000 
Schedule of Stock Options Outstanding
The following table displays option activity, aggregate intrinsic values, and weighted average exercise prices and remaining contractual lives for the year ended December 31, 2022:
Weighted
average
exercise
price
Number of
options
Weighted average remaining contractual life in years
Aggregate intrinsic value
$ $’000
Outstanding at the beginning of the year
 36.75 915,850 10.40 $ 99,065 
Granted during the year
 — — N/A
Exercised during the year
 0.41 (346,906) N/A $ (7,602)
Forfeited / cancelled during the year
 130.24 (200,875) N/A
Outstanding at the end of the year
 19.76 368,069 8.62 $ (4,723)
Exercisable at the end of the year
 19.14 330,194 8.32 $ (4,092)