SEC Filings

20-F
WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018
Entire Document
 


Table of Contents

WNS (HOLDINGS) LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands, except share and per share data)

 

22. Share-based payments

The Company has three share-based incentive plans: the 2002 Stock Incentive Plan adopted on July 1, 2002 (which has expired), the 2006 Incentive Award Plan adopted on June 1, 2006, as amended and restated in February 2009, September 2011 and September 2013 (which has expired), and the 2016 Incentive Award Plan effective from September 27, 2016 (collectively referred to as the “Plans”). All the Plans are equity-settled. Under the Plans, share-based options and RSUs may be granted to eligible participants. Options and RSUs are generally granted for a term of ten years and have a graded vesting period of up to four years. The Company settles employee share-based options and RSU exercises with newly issued ordinary shares. As at March 31, 2018, the Company had 2,515,803 ordinary shares available for future grants.

Share-based compensation expense during the years ended March 31, 2018, 2017 and 2016 are as follows:

 

     Year ended March 31,  
     2018      2017      2016  

Share-based compensation expense recorded in

   $      $      $  

Cost of revenue

     3,770        2,765        1,923  

Selling and marketing expenses

     2,557        1,723        1,370  

General and administrative expenses

     24,238        18,548        14,626  
  

 

 

    

 

 

    

 

 

 

Total share-based compensation expense

   $ 30,565      $ 23,036      $ 17,919  
  

 

 

    

 

 

    

 

 

 

Upon exercise of share options and RSUs, the Company issued 1,521,521, 906,255 and 455,642 shares during the years ended March 31, 2018, 2017 and 2016, respectively.

Share-based options

Movements in the number of options outstanding under the 2006 Incentive Award Plan and their related weighted average exercise prices are as follow:

 

     Shares      Weighted
average
exercise
price
     Weighted
average
remaining
contract term
(in years)
     Aggregate
intrinsic
value
 

Outstanding as at March 31, 2016

     739,618      $ 23.34        0.54      $ 5,419  

Exercised

     (425,941      10.52        

Lapsed

     (196,498      13.44        
  

 

 

          

Outstanding as at March 31, 2017

     117,179      $ 27.25        0.10      $ 163  

Exercised

     (48,227      7.63        

Lapsed

     (68,952      7.87        
  

 

 

          

Outstanding as at March 31, 2018

     —          —          —          —    

Options exercisable

     —        $ —          —        $ —    

The aggregate intrinsic value of options exercised during the year ended March 31, 2018, 2017 and 2016 was $180, $2,697 and $856, respectively. The total grant date fair value of options vested during the year ended March 31, 2018, 2017 and 2016 was $Nil for each year. Total cash received as a result of options exercised during the year ended March 31, 2018, 2017 and 2016 was $1,347, $8,941 and $1,302, respectively.

The fair value of options granted is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. No options were granted during the years ended March 31, 2018, 2017 and 2016.

The weighted average share price of options exercised during the year ended March 31, 2018, 2017 and 2016 was $30.44, $27.46 and $28.19, respectively. As no options were outstanding at March 31, 2018, there was no exercise price for these options (March 31, 2017: $15.68 to $29.21) and their weighted average remaining contractual term was zero years (March 31, 2017: 0.10 years)

 

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