XML 46 R36.htm IDEA: XBRL DOCUMENT v3.23.2
Capital Stock and Reserves (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stock Compensation

For the three and six months ended June 30, 2023, share-based compensation expense totaled $6.8 million and $11.9 million, respectively, (2022 — $7.6 million and $13.7 million, respectively) and is reflected in the following accounts in the Condensed Consolidated Statements of Operations:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(In thousands of U.S. Dollars)

2023

 

 

2022

 

 

2023

 

 

2022

 

Costs and expenses applicable to revenues

$

 

249

 

 

$

 

269

 

 

$

 

512

 

 

$

 

508

 

Selling, general and administrative expenses

 

 

6,469

 

 

 

 

7,263

 

 

 

 

11,665

 

 

 

 

12,989

 

Research and development

 

 

105

 

 

 

 

105

 

 

 

 

204

 

 

 

 

192

 

Executive transition costs

 

 

—

 

 

 

 

—

 

 

 

 

(499

)

 

 

 

—

 

$

 

6,823

 

 

$

 

7,637

 

 

$

 

11,882

 

 

$

 

13,689

 
Stock-based Compensation by Plan Type

The following table summarizes the Company’s share-based compensation expense by each award type:

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(In thousands of U.S. Dollars)

2023

 

 

2022

 

 

2023

 

 

2022

 

Stock Options

$

 

—

 

 

$

 

122

 

 

$

 

84

 

 

$

 

329

 

Restricted Share Units

 

 

3,829

 

 

 

 

4,478

 

 

 

 

7,194

 

 

 

 

7,889

 

Performance Stock Units

 

 

2,001

 

 

 

 

1,724

 

 

 

 

2,925

 

 

 

 

3,453

 

IMAX China Stock Options

 

 

1

 

 

 

 

24

 

 

 

 

11

 

 

 

 

58

 

IMAX China Long Term Incentive Plan Restricted Share Units

 

 

848

 

 

 

 

1,093

 

 

 

 

1,389

 

 

 

 

1,590

 

IMAX China Long Term Incentive Plan Performance Stock Units

 

 

144

 

 

 

 

196

 

 

 

 

279

 

 

 

 

370

 

$

 

6,823

 

 

$

 

7,637

 

 

$

 

11,882

 

 

$

 

13,689

 

 
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 six months ended June 30, 2023 and 2022:

 

 

 

Number of Shares

 

 

 

Weighted Average Exercise
Price Per Share

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Stock options outstanding, beginning of period

 

 

3,604,739

 

 

 

3,736,157

 

 

$

 

26.36

 

 

$

 

26.61

 

Expired

 

 

(268,939

)

 

 

(126,569

)

 

 

 

27.92

 

 

 

 

33.61

 

Cancelled

 

 

—

 

 

 

(2,197

)

 

 

 

—

 

 

 

 

32.50

 

Stock options outstanding, end of period

 

 

3,335,800

 

 

 

3,607,391

 

 

 

 

26.24

 

 

 

 

26.36

 

Stock options exercisable, end of period

 

 

3,335,800

 

 

 

3,524,888

 

 

 

 

26.24

 

 

 

 

26.45

 
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 six months ended June 30, 2023 and 2022:

 

 

 

Number of Awards

 

 

Weighted Average Grant Date
Fair Value Per Share

 

 

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

RSUs outstanding, beginning of period

 

 

1,252,044

 

 

 

1,457,883

 

 

$

 

19.16

 

 

$

 

19.16

 

Granted

 

 

882,997

 

 

 

690,509

 

 

 

 

17.79

 

 

 

 

19.43

 

Vested and settled

 

 

(741,054

)

 

 

(711,376

)

 

 

 

18.68

 

 

 

 

18.68

 

Forfeited

 

 

(86,208

)

 

 

(28,060

)

 

 

 

19.28

 

 

 

 

20.16

 

RSUs outstanding, end of period

 

 

1,307,779

 

 

 

1,408,956

 

 

 

 

18.51

 

 

 

 

19.51

 
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 six months ended June 30, 2023 and 2022:

 

 

Number of Awards

 

 

Weighted Average Grant Date
Fair Value Per Share

 

 

 

2023

 

 

2022

 

 

 

2023

 

 

 

2022

 

PSUs outstanding, beginning of period

 

 

931,716

 

 

 

613,405

 

 

$

 

18.96

 

 

$

 

18.21

 

Granted(1)

 

 

581,081

 

 

 

359,138

 

 

 

 

17.68

 

 

 

 

20.34

 

Forfeited

 

 

(213,366

)

 

 

(8,073

)

 

 

 

18.13

 

 

 

 

20.90

 

Vested and settled(1)

 

 

(368,602

)

 

 

—

 

 

 

 

16.92

 

 

 

 

—

 

PSUs outstanding, end of period

 

 

930,829

 

 

 

964,470

 

 

 

 

19.16

 

 

 

 

18.98

 

 

(1)
For the six months ended June 30, 2023, the balance of shares granted includes 157,963 additional shares, at a weighted average grant date fair value per share of $16.92, as PSUs granted in 2020 with EBITDA-based targets vested at 175% on account of full achievement of the targets.
Basic and Diluted Per-share Computations

The following table reconciles the denominator of the basic and diluted weighted average share computations:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued and outstanding, beginning of period

 

 

 

54,590

 

 

 

 

58,751

 

 

 

 

54,149

 

 

 

 

58,654

 

Weighted average number of shares issued (repurchased), net

 

 

 

1

 

 

 

 

(1,431

)

 

 

 

179

 

 

 

 

(711

)

Weighted average number of shares outstanding - basic

 

 

 

54,591

 

 

 

 

57,320

 

 

 

 

54,328

 

 

 

 

57,943

 

Weighted average effect of potential common shares, if dilutive

 

 

 

729

 

 

 

 

—

 

 

 

 

817

 

 

 

 

—

 

Weighted average number of shares outstanding - diluted

 

 

 

55,320

 

 

 

 

57,320

 

 

 

 

55,145

 

 

 

 

57,943