Quarterly report pursuant to Section 13 or 15(d)

Employee Benefits and Compensation Plans

v3.21.1
Employee Benefits and Compensation Plans
3 Months Ended
Mar. 31, 2021
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Employee Benefits and Compensation Plans

8.   Employee Benefits and Compensation Plans

Share Option Awards

The following is a summary of option activity under NCLH’s Amended and Restated 2013 Performance Incentive Plan for the three months ended March 31, 2021:

Weighted-

Number of Share Option Awards

Weighted-Average Exercise Price

Average

Aggregate

Time-

Performance-

Market-

Time-

Performance-

Market-

Contractual

Intrinsic

Based

Based

Based

Based

Based

Based

Term

Value

    

Awards

    

Awards

    

Awards

    

Awards

    

Awards

    

Awards

    

(years)

    

(in thousands)

Outstanding as of January 1, 2021

 

4,525,207

114,583

 

208,333

$

51.96

$

59.43

$

59.43

 

4.42

$

Forfeited and cancelled

 

(20,375)

 

55.74

 

  

Outstanding as of March 31, 2021

 

4,504,832

114,583

 

208,333

51.95

59.43

59.43

4.18

Restricted Share Unit Awards

The following is a summary of restricted share unit activity for the three months ended March 31, 2021:

Number of

Weighted-

Number of

Weighted-

Number of

Weighted-

Time-Based

Average Grant

Performance-

Average Grant

Market-

Average Grant 

    

Awards

    

Date Fair Value

    

Based Awards

    

Date Fair Value

    

Based Awards

    

Date Fair Value

Non-vested as of January 1, 2021

 

6,663,925

$

30.54

 

1,565,184

$

39.42

 

50,000

$

59.43

Granted

 

58,569

23.73

 

Vested

 

(1,740,186)

47.00

(460,969)

56.73

 

Forfeited or expired

 

(40,448)

30.77

 

Non-vested as of March 31, 2021

 

4,941,860

24.66

 

1,104,215

32.20

 

50,000

59.43

The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands):

Three Months Ended

March 31, 

    

2021

    

2020

Payroll and related expense

$

4,965

$

4,702

Marketing, general and administrative expense

 

21,636

 

28,056

Total share-based compensation expense

$

26,601

$

32,758