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)

 

The fair value of RSUs is generally the market price of the Company’s shares on the date of grant. As at March 31, 2018, there was $6,893 of unrecognized compensation cost related to unvested RSUs. This amount is expected to be recognized over a weighted average period of 2.7 years. To the extent the actual forfeiture rate is different than what the Company has anticipated, share-based compensation expense related to these RSUs will be different from the Company’s expectations.

The weighted average grant date fair value of RSUs granted during the year ended March 31, 2018, 2017 and 2016 was $30.85, $30.26, and $25.16 per ADS, respectively. The aggregate intrinsic value of RSUs exercised during the year ended March 31, 2018, 2017 and 2016 was $34,339, $9,991 and $10,294, respectively. The total grant date fair value of RSUs vested during the year ended March 31, 2018, 2017 and 2016 was $16,931, $14,631 and $6,824, respectively.

The weighted average share price of RSU exercised during the year ended March 31, 2018, 2017 and 2016 was $35.73, $29.08 and $28.52, respectively.

 

(ii) The 2006 Incentive Award Plan and the 2016 Incentive Award Plan also allow for grant of RSUs based on the market price of the Company’s shares achieving a specified target over a period of time. The fair value of market-based share awards is determined using Monte-Carlo simulation.

Movements in the number of RSUs dependent on market performance condition outstanding under the 2006 Incentive Award Plan and the 2016 Incentive Award Plan and their related weighted average fair values are as follows:

 

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

Outstanding as at March 31, 2016

     129,590      $ 4.44        8.53      $ 3,971  

Granted

     74,400        12.56        

Exercised

     —          —          

Forfeited

     —          —          

Lapsed

     —          —          
  

 

 

          

Outstanding as at March 31, 2017

     203,990      $ 13.21        8.10      $ 5,836  

Granted

     —             

Exercised

     —             

Forfeited

     —             

Lapsed

     —             
  

 

 

          

Outstanding as at March 31, 2018

     203,990        13.21        7.10      $ 9,247  

RSUs exercisable

     —        $ —          —        $ —    

On March 15, 2017, the Company modified the vesting period in respect of the RSUs as below:

 

a. for RSUs granted in April 2014, the vesting date has been extended to the fifth anniversary of the grant date (i.e. April 2019)

 

b. for RSUs granted in April 2015, the vesting date has been extended to the fourth anniversary of the grant date (i.e. April 2019)

 

c. for RSUs granted in April 2016, the vesting date has been extended to the fourth anniversary of the grant date (i.e. April 2020)

Subsequent vesting of RSUs for each of the remaining years would be subject to continued employment.

 

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