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Share Incentive Plans (Tables)
9 Months Ended
Sep. 30, 2022
Share Incentive Plans [Abstract]  
Stock Option Activity
Stock option activity for the 2006, 2015 and 2021 Plans is summarized below:

   
    Weighted     Weighted  
    Stock     Average     Average  
    Option     Exercise    
Grant Date
 

 
Shares
   
Price
   
Fair Value
 
Outstanding, December 31, 2020
   
711,060
   
$
19.58
   
$
6.42
 
                         
Granted
   
119,500
     
50.93
     
13.58
 
Exercised
   
(202,768
)
   
10.22
     
6.35
 
Forfeited
   
(7,957
)
   
33.22
     
9.63
 
Outstanding, December 31, 2021
   
619,835
     
28.51
     
8.70
 
                         
Granted
   
114,827
     
30.58
     
10.34
 
Exercised
   
(40,331
)
   
12.49
     
4.08
 
Forfeited
   
(10,779
)
   
32.20
     
9.25
 
Outstanding, September 30, 2022
   
683,552
   
$
29.74
   
$
9.24
 
Assumptions for Options Granted Under 2015 Plan
The following table outlines the assumptions based on the number of options granted under the 2015 Plan.

   
February 10,
   
May 17,
   
March 7,
   
March 20,
   
October 24,
   
March 18,
   
  February 18,
   
May 3,
 

 
2017
   
2017
   
2018
   
2019
   
2019
   
2020
   
2021
   
2021
 
Number of options granted
   
40,000
     
93,819
     
98,100
     
155,780
     
25,000
     
155,000
     
100,000
     
12,000
 
Options outstanding at September 30, 2022
   
20,000
     
44,983
     
58,067
     
141,784
     
25,000
     
93,248
     
93,516
     
12,000
 
Number exercisable at September 30, 2022
   
20,000
     
44,983
     
58,067
     
141,784
     
25,000
     
61,081
     
39,165
     
4,080
 
Exercise price
 
$
13.00
   
$
15.41
   
$
21.21
   
$
47.58
   
$
20.89
   
$
14.85
   
$
51.75
   
$
47.76
 
Remaining lives
   
4.37
     
4.63
     
5.44
     
6.47
     
7.07
     
7.47
     
8.39
     
8.59
 
Risk free interest rate
   
1.89
%
   
1.76
%
   
2.65
%
   
2.34
%
   
1.58
%
   
0.79
%
   
0.56
%
   
0.84
%
Expected volatility
   
27.44
%
   
26.92
%
   
28.76
%
   
30.95
%
   
31.93
%
   
35.72
%
   
28.69
%
   
29.03
%
Expected life
   
6.000
     
6.000
     
6.000
     
6.000
     
6.000
     
6.000
     
6.000
     
6.000
 
Dividend yield
   
-
     
-
     
0.83
%
   
0.42
%
   
0.95
%
   
1.49
%
   
0.55
%
   
0.59
%
Fair value at grant date
 
$
3.98
   
$
4.60
   
$
6.37
   
$
15.63
   
$
6.27
   
$
4.41
   
$
13.77
   
$
13.06
 

The following table outlines the assumptions based on the number of options granted under the 2021 Plan.

   
May 17,
   
March 14,
   
April 29,
 
 
 
2021
   
2022
   
2022
 
Number of options granted
   
7,500
      100,000       14,827  
Options outstanding at September 30, 2022
   
7,500
      98,248       14,827  
Number exercisable at September 30, 2022
   
2,550
      -       -  
Exercise price
 
$
45.05
    $ 30.46     $ 31.39  
Remaining lives
   
8.63
      9.46       9.59  
Risk free interest rate
   
0.84
%
    2.10 %     2.92 %
Expected volatility
   
31.50
%
    35.33 %     35.33 %
Expected life
   
6.000
      6.000       6.000  
Dividend yield
   
0.63
%
    1.01 %     0.98 %
Fair value at grant date
 
$
13.23
    $ 10.23     $
11.07  
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.

   
March 7,
   
March 20,
   
July 19,
   
March 18,
   
December 28,
   
February 18,
   
March 14,
 

 
2018
   
2019
   
2019
   
2020
   
2020
   
2021
   
2022
 
Number of PRSUs granted
   
96,000
     
92,500
     
88,582
     
94,000
     
88,169
     
100,000
      49,996  
PRSUs outstanding at September 30, 2022
   
89,600
     
77,380
     
21,342
     
85,810
     
58,779
     
91,190
      48,600  
Fair value as of grant date
 
$
21.21
   
$
47.58
   
$
52.15
   
$
14.85
   
$
46.42
   
$
51.75
    $ 30.46  
Remaining lives
   
0.25
     
1.25
     
0.25
     
2.24
     
1.25
     
3.25
      4.25  
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.


   
March 14,
   
March 14,
   
April 29,
   
April 29,
 
   
2022
   
2022
   
2022
   
2022
 
Number of RSUs granted
   
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