Share-Based Compensation

3 Months Ended

Apr. 01, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Our shareholders approved and ratified the 2014 Omnibus Share Incentive Plan (the “2014 Plan”), which allows us to grant equity-based compensation awards, including stock options, restricted stock awards and restricted stock units including performance stock units. We disclosed the significant terms of the 2014 Plan in the notes to our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Stock-based compensation expense related to restricted stock units (“RSUs”) and performance stock units (“PSUs”) is included in selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and is comprised as follows (U.S. dollars in millions):


	Quarter ended
	April 1, 2022		April 2, 2021

RSUs/PSUs	$	1.7	$	1.6
Total	$	1.7	$	1.6

Restricted Stock Units and Performance Stock Units

There were no RSUs or PSUs awarded under the 2014 Plan for the quarter ended April 1, 2022.

The following table lists the various RSUs and PSUs awarded under the 2014 Plan for the quarter ended April 2, 2021:



Date of Award	Type of award	Units awarded	Price per share


March 30, 2021	RSU	2,500	$	28.67
March 1, 2021	RSU	290,021	25.85
March 1, 2021	PSU	118,192	25.85

Under the 2014 Plan, each RSU/PSU represents a contingent right to receive one of our ordinary shares. The PSUs are subject to meeting minimum performance criteria set by the Compensation Committee of our Board of Directors. The actual number of shares the recipient receives is determined based on the results achieved versus performance goals. Those performance goals are based on exceeding a measure of our earnings. Depending on the results achieved, the actual number of shares that an award recipient receives at the end of the period may range from 0% to 100% of the award units granted. Provided such criteria are met, the PSUs will vest in three equal annual installments on each of the next three anniversary dates provided that the recipient remains employed with us.

RSUs granted subsequent to January 1, 2021 will vest annually in three equal installments over a three-year service period. RSUs granted prior to January 1, 2021 vest as follows: 20% on the grant date and 20% on each of the next four anniversaries.

The fair market value for RSUs and PSUs is based on the closing price of our stock on the grant date. We recognize expense related to RSUs and PSUs based on the fair market value, as determined on the grant date, ratably over the vesting period, provided the performance condition, if any, is probable. Forfeitures are recognized as they occur.

RSUs and PSUs do not have the voting rights of ordinary shares and the shares underlying the RSUs and PSUs are not considered issued and outstanding. However, shares underlying RSUs/PSUs are included in the calculation of diluted earnings per share to the extent the performance criteria are met, if any.

RSUs and PSUs are eligible to earn Dividend Equivalent Units (“DEUs”) equal to the cash dividend paid to ordinary shareholders. DEUs are subject to the same performance and/or service conditions as the underlying RSUs and PSUs and are forfeitable.