| 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:
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Weighted- |
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Number of Share Option Awards |
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Weighted-Average Exercise Price |
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Average |
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Aggregate |
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Time- |
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Performance- |
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Market- |
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Time- |
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Performance- |
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Market- |
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Contractual |
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Intrinsic |
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Based |
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Based |
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Based |
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Based |
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Based |
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Based |
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Term |
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Value |
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Awards |
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Awards |
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Awards |
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Awards |
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Awards |
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Awards |
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(years) |
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(in thousands) |
Outstanding as of January 1, 2021 |
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4,525,207 |
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114,583 |
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208,333 |
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$ |
51.96 |
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$ |
59.43 |
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$ |
59.43 |
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4.42 |
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$ |
— |
Forfeited and cancelled |
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(20,375) |
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— |
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— |
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55.74 |
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— |
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— |
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Outstanding as of March 31, 2021 |
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4,504,832 |
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114,583 |
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208,333 |
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51.95 |
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59.43 |
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59.43 |
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4.18 |
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— |
Restricted Share Unit Awards
The following is a summary of restricted share unit activity for the three months ended March 31, 2021:
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Number of |
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Weighted- |
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Number of |
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Weighted- |
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Number of |
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Weighted- |
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Time-Based |
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Average Grant |
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Performance- |
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Average Grant |
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Market- |
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Average Grant |
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Awards |
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Date Fair Value |
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Based Awards |
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Date Fair Value |
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Based Awards |
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Date Fair Value |
Non-vested as of January 1, 2021 |
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6,663,925 |
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$ |
30.54 |
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1,565,184 |
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$ |
39.42 |
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50,000 |
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$ |
59.43 |
Granted |
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58,569 |
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23.73 |
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— |
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— |
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— |
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— |
Vested |
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(1,740,186) |
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47.00 |
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(460,969) |
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56.73 |
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— |
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— |
Forfeited or expired |
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(40,448) |
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30.77 |
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— |
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— |
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— |
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— |
Non-vested as of March 31, 2021 |
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4,941,860 |
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24.66 |
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1,104,215 |
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32.20 |
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50,000 |
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59.43 |
The compensation expense recognized for share-based compensation for the periods presented include the following (in thousands):
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Three Months Ended |
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March 31, |
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2021 |
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2020 |
Payroll and related expense |
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$ |
4,965 |
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$ |
4,702 |
Marketing, general and administrative expense |
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21,636 |
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28,056 |
Total share-based compensation expense |
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$ |
26,601 |
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$ |
32,758 |
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