SEC Filings

20-F
WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018
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Table of Contents

WNS (HOLDINGS) LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

 

The incremental fair value was determined using Monte-Carlo simulation by reference to the difference between fair value of original RSUs as of modification date and the fair value of modified RSUs as of modification date. The additional cost as a result of such modification in respect of modified share awards amounted to $1,185. The additional cost is spread over the period from the modification date until the vesting date of the modified award, which differ from the vesting date of the original award. The incremental cost recognized in the current year (March 31, 2017: $24) in respect of such modified share awards amounted to $540.

As at March 31, 2018, there was $963 of unrecognized compensation cost related to unvested market based RSUs. This amount is expected to be recognized over a weighted average period of 1.3 years. The weighted average grant date fair value of the RSUs granted during the years ended March 31, 2018, 2017 and 2016 was Nil, $12.56 and $6.37 per ADS, respectively.

 

(iii) RSUs related to Total Shareholder’s Return (“TSR”)

During the year ended March 31, 2018, the Company issued 248,655 RSUs to certain employees. The conditions for the vesting of these RSUs are linked to the TSR of the Company in addition to the condition of continued employment with the Company through the applicable vesting period.

The performance of these RSUs shall be assessed based on the TSR of the custom peer group (based on percentile rank) and the industry index (based on outperformance rank). The RSUs granted with the TSR condition shall vest on the third anniversary of the grant date, subject to the participant’s continued employment with the Company through the applicable vesting date and achievement of the specified conditions of stock performance and TSR parameters.

The fair value of these RSUs is determined using Monte-Carlo simulation. The grant date fair value was determined at $36.52. The stock compensation expense charged during the year ended March 31, 2018 was $1,368. As at March 31, 2018, there was $3,585 of unrecognized compensation cost related to these RSUs.

Movements in the number of RSUs linked to the TSR condition outstanding under 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, 2017

     —        $ —          —        $ —    

Granted

     248,655        36.52        

Exercised

     —             

Forfeited

     —             

Lapsed

     —             
  

 

 

          

Outstanding as at March 31, 2018

     248,655        36.52        9.08        11,272  

RSUs exercisable

     —        $ —          —        $ —    

 

F-61