Share Incentive Plans (Tables)
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9 Months Ended |
Sep. 30, 2022 |
Share Incentive Plans [Abstract] |
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Stock Option Activity |
Stock option activity for the 2006, 2015 and 2021 Plans is summarized below:
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Weighted |
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Weighted |
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Stock |
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Average |
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Average |
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Option |
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Exercise |
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Grant Date
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Shares
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Price
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Fair Value
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Outstanding, December 31, 2020
|
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711,060
|
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$
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19.58
|
|
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$
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6.42
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|
|
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|
|
|
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Granted
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119,500
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50.93
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13.58
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Exercised
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(202,768
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)
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10.22
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6.35
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Forfeited
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(7,957
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)
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33.22
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9.63
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Outstanding, December 31, 2021
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619,835
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28.51
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8.70
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Granted
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114,827
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30.58
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10.34
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Exercised
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(40,331
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)
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12.49
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4.08
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Forfeited
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(10,779
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)
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32.20
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9.25
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Outstanding, September 30, 2022
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683,552
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$
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29.74
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$
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9.24
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Assumptions for Options Granted Under 2015 Plan |
The following table outlines the assumptions based on the number of options granted under the 2015 Plan.
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February 10,
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May 17,
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March 7,
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March 20,
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October 24,
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March 18,
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February 18,
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May 3,
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2017
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2017
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2018
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2019
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2019
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2020
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2021
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2021
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Number of options granted
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40,000
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93,819
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98,100
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155,780
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25,000
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155,000
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100,000
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12,000
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Options outstanding at September 30, 2022
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20,000
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44,983
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58,067
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141,784
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25,000
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93,248
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93,516
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12,000
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Number exercisable at September 30, 2022
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20,000
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44,983
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58,067
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141,784
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25,000
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61,081
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39,165
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4,080
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Exercise price
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$
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13.00
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$
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15.41
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$
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21.21
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$
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47.58
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$
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20.89
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$
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14.85
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$
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51.75
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$
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47.76
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Remaining lives
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4.37
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4.63
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5.44
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6.47
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7.07
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7.47
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8.39
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8.59
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Risk free interest rate
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1.89
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%
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1.76
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%
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2.65
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%
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2.34
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%
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|
1.58
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%
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0.79
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%
|
|
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0.56
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%
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0.84
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%
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Expected volatility
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27.44
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%
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26.92
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%
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28.76
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%
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30.95
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%
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31.93
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%
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35.72
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%
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28.69
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%
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29.03
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%
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Expected life
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6.000
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6.000
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6.000
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6.000
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6.000
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6.000
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6.000
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6.000
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Dividend yield
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-
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-
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0.83
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%
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0.42
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%
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0.95
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%
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1.49
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%
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0.55
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%
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0.59
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%
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Fair value at grant date
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$
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3.98
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$
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4.60
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$
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6.37
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$
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15.63
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$
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6.27
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$
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4.41
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$
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13.77
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$
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13.06
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The following table outlines the assumptions based on the number of options granted under the 2021 Plan.
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May 17,
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March 14,
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April 29,
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2021
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2022
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2022
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Number of options granted
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7,500
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100,000 |
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14,827 |
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Options outstanding at September 30, 2022
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7,500
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98,248 |
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14,827 |
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Number exercisable at September 30, 2022
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2,550
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- |
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- |
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Exercise price
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$
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45.05
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$ |
30.46 |
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$ |
31.39 |
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Remaining lives
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8.63
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9.46 |
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9.59 |
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Risk free interest rate
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0.84
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%
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|
2.10 |
% |
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2.92 |
% |
Expected volatility
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31.50
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%
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35.33 |
% |
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35.33 |
% |
Expected life
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6.000
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6.000 |
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6.000 |
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Dividend yield
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|
0.63
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%
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|
1.01 |
% |
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|
0.98 |
% |
Fair value at grant date
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$
|
13.23
|
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$ |
10.23 |
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$
|
11.07 |
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|
PRSU Activity |
PRSUs are restricted stock units subject to both performance-based and
service-based vesting conditions. The number of shares of TPB Common Stock a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance metrics related to the Company’s performance over a five-year period. PRSUs will vest on the
measurement date, which is no more than 65 days after the performance
period provided the applicable service and performance conditions are satisfied. As of September 30, 2022, there are 472,701 PRSUs outstanding, all of which are unvested. The following table outlines the PRSUs granted and outstanding as of September 30, 2022.
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March 7,
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March 20,
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July 19,
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March 18,
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December 28,
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February 18,
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March 14,
|
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2018
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2019
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2019
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2020
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2020
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2021
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2022
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Number of PRSUs granted
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96,000
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|
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92,500
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|
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88,582
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94,000
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88,169
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100,000
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49,996 |
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PRSUs outstanding at September 30, 2022
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89,600
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77,380
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21,342
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85,810
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58,779
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|
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91,190
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|
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|
48,600 |
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Fair value as of grant date
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$
|
21.21
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$
|
47.58
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$
|
52.15
|
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$
|
14.85
|
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$
|
46.42
|
|
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$
|
51.75
|
|
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$ |
30.46 |
|
Remaining lives
|
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|
0.25
|
|
|
|
1.25
|
|
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|
0.25
|
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2.24
|
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|
1.25
|
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3.25
|
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|
4.25 |
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|
RSU Activity |
The
Company has granted 93,249 RSUs which vest over one to five years. The following table outlines the RSUs granted and outstanding as of September 30,
2022.
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March 14,
|
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|
March 14,
|
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|
April 29,
|
|
|
April 29,
|
|
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|
2022
|
|
|
2022
|
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|
2022
|
|
|
2022
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|
Number of RSUs granted
|
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50,004
|
|
|
|
28,726
|
|
|
|
11,393
|
|
|
|
4,522 |
|
RSUs outstanding at September 30, 2022
|
|
|
48,608
|
|
|
|
28,726
|
|
|
|
11,393
|
|
|
|
4,522 |
|
Fair value as of grant date
|
|
$
|
30.46
|
|
|
$
|
30.46
|
|
|
$
|
31.39
|
|
|
$ |
31.39 |
|
Remaining lives
|
|
|
4.25
|
|
|
|
2.25
|
|
|
|
0.57
|
|
|
|
4.25 |
|
|