Annual report pursuant to Section 13 and 15(d)

Employee Benefits and Share-Based Compensation (Tables)

v3.10.0.1
Employee Benefits and Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of summary of option activity
    Number of Share Option Awards     Weighted-Average Exercise Price    

Weighted-
Average
Contractual

Term

    Aggregate
Intrinsic Value
 
    Time-
Based
Awards
    Performance-
Based
Awards
    Market-
Based
Awards
    Time-
Based
Awards
    Performance-
Based
Awards
    Market-
Based
Awards
    (in years)     (in thousands)  
Outstanding as of January 1, 2018     6,580,898       373,969       208,333     $ 49.18     $ 31.39     $ 59.43       6.99     $ 50,021  
Granted           208,335           $     $ 59.43     $                  
Exercised     (674,272 )     (115,785 )         $ 35.00     $ 19.00     $                  
Forfeited and cancelled     (219,833 )     (56,020 )         $ 54.76     $ 56.59     $                  
Outstanding as of December 31, 2018     5,686,793       410,499       208,333     $ 50.65     $ 45.67     $ 59.43       6.22     $ 13,946  
Vested and Expected to vest of December 31, 2018     5,686,793       254,249           $ 50.65     $ 37.22     $       6.19       13,946  
Exercisable as of December 31, 2018     5,022,818       254,249           $ 50.18     $ 37.22     $       6.11       13,928  
Schedule of restricted share activity of NCLH shares
    Number of
Time-
Based
Awards
   

Weighted-

Average Grant
Date Fair Value

 
Non-vested as of January 1, 2018     858     $ 58.33  
Vested     (429 )   $ 58.25  
Non-vested as of December 31, 2018     429     $ 58.41  
Schedule of restricted stock units activity
    Number of
Time-Based
Awards
    Weighted-
Average Grant
Date Fair Value
    Number of
Performance-
Based Awards
    Weighted-
Average Grant
Date Fair Value
    Number of
Market-
Based Awards
    Weighted-
Average Grant
Date Fair Value
 
Non-vested as of January 1, 2018     2,555,477     $ 50.86           $       50,000     $ 59.43  
Granted     1,613,077     $ 56.73       843,998     $ 56.58           $  
Vested     (1,032,927 )   $ 50.66           $           $  
Forfeited or expired     (162,595 )   $ 53.40       (18,384 )   $ 56.43           $  
Non-vested as of December 31, 2018     2,973,032     $ 53.98       825,614     $ 56.58       50,000     $ 59.43  
Non-vested and expected to vest as of December 31, 2018     2,973,032     $ 53.98       788,114     $ 56.59           $  
Schedule of compensation expense recognized for share-based compensation
    Share-Based Compensation Expense  
Classification of expense   2018     2017     2016  
                         
Payroll and related (1)   $ 15,629     $ 9,455     $ 7,793  
Marketing, general and administrative (2)     100,354       77,584       58,621  
Total share-based compensation expense   $ 115,983     $ 87,039     $ 66,414  

 

 

(1)

(2)

Amounts relate to equity granted to certain of our shipboard officers.

Amounts relate to equity granted to certain of our corporate employees.

Schedule of amounts related to the Shipboard Retirement Plan
    As of or for the Year Ended December 31,  
    2018     2017     2016  
Pension expense:                        
Service cost   $ 2,167     $ 1,987     $ 1,863  
Interest cost     857       887       874  
Amortization of prior service cost     378       378       378  
Amortization of actuarial loss     51       40       54  
Total pension expense   $ 3,453     $ 3,292     $ 3,169  
Change in projected benefit obligation:                        
Projected benefit obligation at beginning of year   $ 24,587     $ 22,605     $ 21,078  
Service cost     2,167       1,987       1,863  
Interest cost     857       887       874  
Actuarial gain (loss)     (2,271 )     458       (65 )
Direct benefit payments     (1,022 )     (1,350 )     (1,145 )
Projected benefit obligation at end of year   $ 24,318     $ 24,587     $ 22,605  
Amounts recognized in the consolidated balance sheets:                        
Projected benefit obligation   $ 24,318     $ 24,587     $ 22,605  

 

    For the Year Ended December 31,  
    2018     2017     2016  
Amounts recognized in accumulated other comprehensive income (loss):                        
Prior service cost   $ (4,159 )   $ (4,537 )   $ (4,915 )
Accumulated actuarial loss     (1,105 )     (3,426 )     (3,008 )
Accumulated other comprehensive income (loss)   $ (5,264 )   $ (7,963 )   $ (7,923 )
Schedule of pension benefits expected to be paid in each of the next five years and in aggregate for the five years thereafter
Year   Amount  
2019   $ 986  
2020   $ 971  
2021   $ 1,076  
2022   $ 1,179  
2023   $ 1,333  
Next five years   $ 9,810  
Time Based Options  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of assumptions used within the option-pricing model
    2016  
Dividend yield     —%  
Expected share price volatility     30.36%-33.01%  
Risk-free interest rate     1.20%-1.48%  
Expected term     6.00 years  
Performance Based Options  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Schedule of assumptions used within the option-pricing model
    2018     2017     2016  
Dividend yield     —%       —%       —%  
Expected share price volatility     31.50%-32.20%       25.97%       25.97%-30.21%  
Risk-free interest rate     2.48-2.58%       1.81%       1.01%-1.93%  
Expected term     3.72-4.22 years       4.20 years       4.38-5.13 years