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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]  
Schedule of Shares Outstanding
The following shows the evolution of the share options for the years ended at December 31, 2022 and 2021:
 
 As of December 31, 2022As of December 31, 2021
 Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
Balance at the beginning of year643,957 31.79 857,643 31.57 
Forfeited during the year(2,750)22.20 — — 
Exercised during the year(94,380)37.17 (213,686)30.93 
Balance at end of year546,827 30.91 643,957 31.79 
The following shows the evolution of the RSUs for the years ended at December 31, 2022 and 2021:
 As of December 31, 2022As of December 31, 2021
 Number of RSUWeighted average grant priceNumber of RSUWeighted average grant price
Balance at the beginning of year579,492 164.73 664,345 101.25 
RSU granted during the year801,041 159.12 168,669 276.51 
Forfeited during the year(24,506)178.34 (18,130)111.37 
Issued during the year(266,300)122.29 (235,392)89.18 
Balance at end of year1,089,727 166.04 579,492 164.73 

The following shows the evolution of the SEUs for the years ended at December 31, 2022 and 2021:

As of December 31, 2022As of December 31, 2021
Number of SEUWeighted Average Fair ValueNumber of SEUWeighted Average Fair Value
Balance at the beginning of year— — — — 
SEU granted during the year61,072 168.16 — — 
Forfeited during the year(3,293)168.16 — — 
Balance at end of year57,779 168.16 — — 
The following tables summarizes the SEU at the end of the year:

Grant dateGrant price ($)Number of Restricted Phantom Stock UnitsFair value at grant date ($)Expense as of December 31, 2022 ($) (*)
2022268.0532,371 8,696 2,894 
2022210.072,918 615 237 
2022181.216,984 3,073 1,221 
2022169.785,506 936 141 
Total57,779 13,320 4,493 
25.2 - Share options exercised and RSU vested during the year: 

 As of December 31, 2022As of December 31, 2021
 Number of options exercisedExercise priceNumber of options exercisedExercise
 price
Granted in 20141,825 10.00 33,687 10.00 
Granted in 20158,385 28.31 37,409 28.31 
Granted in 2015— 34.20 4,000 34.20 
Granted in 2016— 29.01 30,000 29.01 
Granted in 201633,920 32.36 52,840 32.36 
Granted in 201627,000 39.37 — 39.37 
Granted in 2017— 38.16 10,000 38.16 
Granted in 2018— 44.97 5,000 44.97 
Granted in 201820,750 46.00 38,250 46.00 
Granted in 2018— 50.92 1,500 50.92 
Granted in 20182,500 55.07 — 55.07 
Granted in 2019— 52.10 1,000 52.10 
Balance at end of the year94,380  213,686  
The following tables summarizes the RSU vested during the years 2022 and 2021:

December 31, 2022December 31, 2021
Number of RSUs vestedGrant priceNumber of RSUs vestedGrant price
Granted in 2017— 36.30 500 36.30 
Granted in 2017— 42.00 1,625 42.00 
Granted in 201878,192 46.00 89,617 46.00 
Granted in 20181,000 55.07 1,000 55.07 
Granted in 20181,000 52.74 1,000 52.74 
Granted in 20182,500 50.92 2,500 50.92 
Granted in 2019600 52.10 600 52.10 
Granted in 201961,992 87.44 66,318 87.44 
Granted in 20191,000 94.93 1,000 94.93 
Granted in 2019750 103.75 750 103.75 
Granted in 20203,125 137.57 3,125 137.57 
Granted in 2020— 104.25 2,336 104.25 
Granted in 202038,809 130.99 41,046 130.99 
Granted in 2020— 140.00 895 140.00 
Granted in 2020— 170.00 740 170.00 
Granted in 202015,504 180.60 — 180.60 
Granted in 2020250 184.72 1,500 184.72 
Granted in 202015,998 189.53 18,408 189.53 
Granted in 20211,077 184.00 — 184.00 
Granted in 20212,607 213.57 57 213.57 
Granted in 20215,315 232.11 2,375 232.11 
Granted in 2021323 288.64 — 288.64 
Granted in 202116,375 298.47 — 298.47 
Granted in 2021468 328.96 — 328.96 
Granted in 20211,500 297.49 — 297.49 
Granted in 202112,608 267.19 — 267.19 
Granted in 20222,585 219.34 — 219.34 
Granted in 2022196 225.30 — 225.30 
Granted in 20221,662 226.30 — 226.30
Granted in 2022655 167.46— 167.46
Granted in 2022189 268.31— 268.31
Granted in 202220 218.57— 218.57
Balance at end of the year266,300 235,392 
Schedule of Shares Granted The following tables summarizes the RSU at the end of the year:
Grant dateGrant price ($)Number of Restricted Stock UnitsFair value at grant date ($)Expense as of December 31, 2022 ($) (*)
2018
from 36.30 to 42.00
— — 973 
2019
from 46.00 to 55.07
60,849 5,316 1,598 
2020
from 52.10 to 103.75
119,505 17,901 8,766 
2021
from 104.25 to 189.53
117,334 32,540 18,828 
2022
from 184.00 to 328.96
784,296 122,546 17,303 
Subtotal1,081,984 178,303 47,468 
Non employees RSU
2020
from 104.25 to 189.53
— — (251)
2021
from 184.00 to 328.96
— — 343 
2022
from 138.00 to 268.31
7,743 1,414 460 
Subtotal7,743 1,414 552 
Total1,089,727 179,717 48,020 
The following tables summarizes the share options at the end of the year:

Grant dateExercise price ($)Number of stock optionsNumber of stock options vested as of December 31, 2022Fair value at grant date ($)Fair value vested ($)Expense as of December 31, 2022 ($) (*)
2014
10.00
67,238 67,238 226 226 — 
2015
from 28.31 to 34.20
126,622 126,622 882 882 — 
2016
from 29.01 to 39.37
248,467 248,467 1,941 1,941 — 
2017
from 36.30 to 38.16
7,500 7,500 64 64 — 
2018
from 44.97 to 55.07
95,000 95,000 1,921 1,921 479 
2019
52.10
2,000 1,000 45 22 33 
Subtotal 546,827 545,827 5,079 5,056 512 
Non employees stock options     
— — — — — — — 
Subtotal— — — — — 
Total546,827 545,827 5,079 5,056 512 
 
(*) Includes social security taxes.
Schedule of Fair Value of Shares Exercised
The Company estimated the following assumptions for the calculation of the fair value of the share options:
AssumptionsGranted in
2019 for 2014 plan
Stock price52.10
Expected option life6 years
Volatility40%
Risk-free interest rate3.10%
The American Binomial model requires the input of highly subjective assumptions, including the fair value of the Company's shares, expected volatility, expected term and risk-free interest rate.

AssumptionsGranted in 2022 for 2014 Plan
Stock price206.23
Expected life7 years
Volatility42.78%
Risk-free interest rate2.63%