Capital Stock and Reserves (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Equity [Abstract] |
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| Stock Compensation |
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
|
(In thousands of U.S. Dollars) |
2022 |
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|
2021 |
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|
2022 |
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|
2021 |
|
Cost and expenses applicable to revenues |
$ |
|
312 |
|
|
$ |
|
314 |
|
|
$ |
|
820 |
|
|
$ |
|
920 |
|
Selling, general and administrative expenses |
|
|
4,985 |
|
|
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|
5,706 |
|
|
|
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17,974 |
|
|
|
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17,046 |
|
Research and development |
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|
107 |
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|
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|
89 |
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|
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|
299 |
|
|
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|
245 |
|
|
$ |
|
5,404 |
|
|
$ |
|
6,109 |
|
|
$ |
|
19,093 |
|
|
$ |
|
18,211 |
|
|
| Stock-based Compensation by Plan Type |
The following table summarizes the Company's share-based compensation expense (reversal) by each award type:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
|
(In thousands of U.S. Dollars) |
2022 |
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|
2021 |
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|
2022 |
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|
2021 |
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Stock Options |
$ |
|
120 |
|
|
$ |
|
253 |
|
|
$ |
|
449 |
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|
$ |
|
808 |
|
Restricted Share Units |
|
|
3,516 |
|
|
|
|
3,900 |
|
|
|
|
11,405 |
|
|
|
|
11,524 |
|
Performance Stock Units |
|
|
1,864 |
|
|
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|
1,183 |
|
|
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|
5,317 |
|
|
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|
3,169 |
|
IMAX China Stock Options |
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|
17 |
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|
41 |
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|
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|
75 |
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|
143 |
|
IMAX China Long Term Incentive Plan Restricted Share Units |
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|
122 |
|
|
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|
600 |
|
|
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|
1,712 |
|
|
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|
2,217 |
|
IMAX China Long Term Incentive Plan Performance Stock Units |
|
|
(235 |
) |
|
|
|
132 |
|
|
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|
135 |
|
|
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|
350 |
|
|
$ |
|
5,404 |
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|
$ |
|
6,109 |
|
|
$ |
|
19,093 |
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|
$ |
|
18,211 |
|
|
| Schedule of Share-based Compensation, Stock Options, Activity |
The following table summarizes the activity under the Company's Stock Option Plan ("SOP") and the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as may be amended, "IMAX LTIP") for the nine months ended September 30, 2022 and 2021:
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Number of Shares |
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Weighted Average Exercise
Price Per Share |
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2022 |
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2021 |
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|
2022 |
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|
2021 |
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Stock options outstanding, beginning of period |
|
3,736,157 |
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4,892,962 |
|
$ |
|
26.61 |
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|
$ |
|
26.81 |
|
Granted |
|
— |
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|
— |
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|
— |
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|
|
|
— |
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Exercised |
|
— |
|
|
|
(41,613 |
) |
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|
— |
|
|
|
|
21.23 |
|
Forfeited |
|
— |
|
|
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(86,587 |
) |
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|
— |
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|
|
|
22.51 |
|
Expired |
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(126,569 |
) |
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(903,038 |
) |
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33.61 |
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|
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|
28.31 |
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Cancelled |
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(4,849 |
) |
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(123,220 |
) |
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27.03 |
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|
26.68 |
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Stock options outstanding, end of period |
|
3,604,739 |
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3,738,504 |
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26.36 |
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|
26.61 |
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Stock options exercisable, end of period |
|
3,523,032 |
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3,487,857 |
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26.45 |
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|
26.93 |
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| Restricted Stock Units Activity under the IMAX LTIP |
The following table summarizes the activity in respect of RSUs issued under the IMAX LTIP for the nine months ended September 30, 2022 and 2021:
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Number of Awards |
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Weighted Average Grant Date
Fair Value Per Share |
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2022 |
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2021 |
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|
2022 |
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|
2021 |
|
RSUs outstanding, beginning of period |
|
1,457,883 |
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|
1,564,838 |
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|
$ |
|
19.16 |
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|
$ |
|
18.33 |
|
Granted |
|
694,131 |
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|
831,123 |
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|
19.42 |
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|
21.03 |
|
Vested and settled |
|
(714,496 |
) |
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(571,616 |
) |
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|
18.68 |
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|
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|
19.11 |
|
Forfeited |
|
(108,504 |
) |
|
|
(231,380 |
) |
|
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|
20.37 |
|
|
|
|
19.50 |
|
RSUs outstanding, end of period |
|
1,329,014 |
|
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|
1,592,965 |
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|
19.45 |
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|
19.29 |
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| Performance Stock Units Activity under the IMAX LTIP |
The following table summarizes the activity in respect of PSUs issued under the IMAX LTIP for the nine months ended September 30, 2022 and 2021:
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|
Number of Awards |
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|
Weighted Average Grant Date
Fair Value Per Share |
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2022 |
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|
2021 |
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|
2022 |
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|
2021 |
|
PSUs outstanding, beginning of period |
|
613,405 |
|
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|
361,844 |
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|
$ |
|
18.21 |
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|
$ |
|
15.68 |
|
Granted |
|
359,138 |
|
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|
309,574 |
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|
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|
20.34 |
|
|
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|
20.77 |
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Forfeited |
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(37,266 |
) |
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(54,634 |
) |
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|
19.79 |
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|
16.08 |
|
PSUs outstanding, end of period |
|
935,277 |
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|
616,784 |
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|
18.97 |
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|
18.20 |
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| Basic and Diluted Per-share Computations |
The following table reconciles the denominator of the basic and diluted weighted average share computations:
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|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
(In thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Issued and outstanding, beginning of period |
|
|
56,095 |
|
|
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|
59,396 |
|
|
|
|
58,654 |
|
|
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|
58,921 |
|
Weighted average number of shares (repurchased) issued, net |
|
|
(56 |
) |
|
|
|
(152 |
) |
|
|
|
(1,353 |
) |
|
|
|
286 |
|
Weighted average number of shares outstanding — basic |
|
|
56,039 |
|
|
|
|
59,244 |
|
|
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|
57,301 |
|
|
|
|
59,207 |
|
Weighted average effect of potential common shares, if dilutive |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
Weighted average number of shares outstanding — diluted |
|
|
56,039 |
|
|
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|
59,244 |
|
|
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|
57,301 |
|
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|
59,207 |
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