Share-based compensation plans

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

At June 30, 2015, Belmond had three share-based compensation plans. The compensation cost that has been charged to selling, general and administrative expense for these plans for the three and six months ended June 30, 2015 was $2,983,000 (June 30, 2014 - $2,185,000) and $3,733,000 (June 30, 2014 - $2,976,000), respectively. The total compensation cost related to unexercised options and unvested share awards at June 30, 2015 to be recognized over the period July 1, 2015 to June 30, 2019 was $14,842,000 and the weighted average period over which it is expected to be recognized is 27 months. Measured from the grant date, substantially all awards of deferred shares and restricted shares have a maximum term of up to four years, and substantially all awards of share options have a maximum term of ten years. There were no grants under the 2000 stock option plan or 2004 stock option plan during the six months ended June 30, 2015.

2009 share award and incentive plan

During the six months ended June 30, 2015, the following awards were made under the 2009 share award and incentive plan on the following dates. Estimates of fair values of share options and deferred shares with and without performance criteria were made using the Black-Scholes options pricing model.



2009 share award and incentive plan	Class A common shares	Date granted	Vesting date	Purchase price	Expected share price volatility	Risk-free interest rate	Expected dividends per share	Expected life of awards

Share options	48,319	June 19, 2015	June 19, 2019	$12.50	43%	1.59%	$—	5.5 years
Share options	48,319	June 19, 2015	June 19, 2018	$12.50	41%	1.59%	$—	4.5 years
Share options	48,319	June 19, 2015	June 19, 2017	$12.50	35%	0.99%	$—	3.5 years
Share options	48,319	June 19, 2015	June 19, 2016	$12.50	29%	0.65%	$—	2.5 years
Restricted shares without performance criteria	64,000	June 19, 2015	June 19, 2016	$0.01	27%	0.25%	$—	1 year
Restricted shares without performance criteria	36,000	June 19, 2015	June 19, 2018	$0.01	34%	0.99%	$—	3 years
Deferred shares without performance criteria	38,825	March 20, 2015	March 20, 2019	$0.01	43%	1.42%	$—	4 years
Deferred shares without performance criteria	38,825	March 20, 2015	March 20, 2018	$0.01	36%	0.95%	$—	3 years
Deferred shares without performance criteria	38,825	March 20, 2015	March 20, 2017	$0.01	31%	0.60%	$—	2 years
Deferred shares without performance criteria	38,825	March 20, 2015	March 20, 2016	$0.01	30%	0.24%	$—	1 year
Deferred shares with performance criteria	256,358	March 20, 2015	March 20, 2018	$0.01	36%	0.95%	$—	3 years