DHT Holdings, Inc. | CIK:0001331284 | 3

  • Filed: 4/24/2018
  • Entity registrant name: DHT Holdings, Inc. (CIK: 0001331284)
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  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1331284/000095015718000468/0000950157-18-000468-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1331284/000095015718000468/dht-20171231.xml
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    • ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory

    Note 11 - General & Administrative Expenses
     
    General and Administrative Expenses:
     
    (Dollars in thousands)
    		  
    2017
    		    
    2016
    		    
    2015
    		  
    Total Compensation to Employees and Directors
    		  
    $
    11,655
    		    
    $
    15,998
    		    
    $
    17,626
    		  
    Office and Administrative Expenses
    		    
    2,147
    		      
    2,213
    		      
    2,407
    		  
    Audit, Legal and Consultancy
    		    
    3,377
    		      
    1,180
    		      
    1,573
    		  
    Total General and Administrative Expenses
    		  
    $
    17,180
    		    
    $
    19,391
    		    
    $
    21,607
    		  

    Stock Compensation

    The Company has an Incentive Compensation Plan (“Plan”) for the benefit of Directors and senior management.  Different awards may be granted under this Plan, including stock options, restricted shares/restricted stock units and cash incentive awards.

    Stock Options

    The exercise price for options cannot be less than the fair market value of a common stock on the date of grant.

    Restricted shares

    Restricted shares can neither be transferred nor assigned by the participant.

    Vesting conditions

    Awards issued vest subject to continued employment or office.  The awards have graded vesting.  For some of the awards there is an additional vesting condition requiring certain market conditions to be met.

    The Plan may allow for different criteria for new grants.
     
    F-41
     
    Stock Compensation Series
     
       
    Number of
    		  
    Vesting
    		  
    Fair value
    		  
       
    shares/ options
    		  
    Period
    		  
    at grant date
    		  
    (1) Granted October 2005, stock options *
    		    
    965
    		  
     10 years
    		  
    $
    144.00
    		  
    (2) Granted March 2012, restricted shares
    		    
    14,515
    		  
     3 years
    		    
    13.80
    		  
    (3) Granted June 2013, restricted shares
    		    
    155,000
    		  
     4 years
    		    
    4.15
    		  
    (4) Granted June 2013, stock options**
    		    
    155,000
    		  
     5 years
    		    
    1.31
    		  
    (5) Granted June 2013, stock options**
    		    
    155,000
    		  
     5 years
    		    
    0.97
    		  
    (6) Granted February 2014, restricted shares
    		    
    29,333
    		  
     3 years
    		    
    6.92
    		  
    (7) Granted February 2014, restricted shares
    		    
    29,333
    		  
     3 years
    		    
    6.33
    		  
    (8) Granted February 2014, restricted shares
    		    
    29,333
    		  
     3 years
    		    
    5.63
    		  
    (9) Granted February 2014, restricted shares
    		    
    88,000
    		  
     3 years
    		    
    7.61
    		  
    (10) Granted June 2014, restricted shares
    		    
    95,666
    		  
     3 years
    		    
    6.41
    		  
    (11) Granted June 2014, restricted shares
    		    
    95,666
    		  
     3 years
    		    
    5.74
    		  
    (12) Granted June 2014, restricted shares
    		    
    95,666
    		  
     3 years
    		    
    5.13
    		  
    (13) Granted June 2014, restricted shares
    		    
    287,000
    		  
     3 years
    		    
    7.15
    		  
    (14) Granted January 2015, restricted shares
    		    
    850,000
    		  
     3 years
    		    
    8.81
    		  
    (15) Granted January 2016, restricted shares
    		    
    824,000
    		  
     2 years
    		    
    6.65
    		  
    (16) Granted January 2017, restricted shares
    		    
    900,000
    		  
     2 years
    		  
    $
    4.61
    		  
     
    * The stock options in item (1) above expired in September 2015.
    ** The exercise price for the options in items (4) and (5) above is $7.75 and $10.70, respectively, to be adjusted for dividends declared and paid subsequent to the grant date.
     
     
    F-42
     
    The following reconciles the number of outstanding restricted common stock and share options:
     
         
    Restricted
    common stock
    		    
     
    Share options
    		      
    Weighted average
    exercise price **
    		  
    Outstanding at December 31, 2013
    		      
    493,523
    		      
    310,965
    		        
    9.64
    		  
    Granted
    		      
    750,000
    		                    
    Exercised*
    		      
    324,008
    		                    
    Forfeited
    		                            
    Outstanding at December 31, 2014
    		      
    919,515
    		      
    310,965
    		        
    9.64
    		  
                                 
    Outstanding at December 31, 2014
    		      
    919,515
    		      
    310,965
    		        
    9.64
    		  
    Granted
    		      
    850,000
    		                    
    Exercised*
    		      
    383,683
    		                    
    Forfeited
    		              
    965
    		            
    Outstanding at December 31, 2015
    		      
    1,385,832
    		      
    310,000
    		      
    $
    9.64
    		  
                                 
    Outstanding at December 31, 2015
    		      
    1,385,832
    		      
    310,000
    		        
    9.64
    		  
    Granted
    		      
    824,000
    		                    
    Exercised*
    		      
    833,012
    		                    
    Forfeited
    		              
    -
    		            
    Outstanding at December 31, 2016
    		      
    1,376,820
    		      
    310,000
    		      
    $
    9.64
    		  
                                 
    Outstanding at December 31, 2016
    		      
    1,376,820
    		      
    310,000
    		        
    9.64
    		  
    Granted
    		      
    900,000
    		                    
    Exercised*
    		      
    1,132,988
    		                    
    Forfeited
    		      
    57,501
    		                    
    Outstanding at December 31, 2017
    		      
    1,086,331
    		      
    310,000
    		      
    $
    9.64
    		  
     
    *Does not include shares in lieu of dividends
    **To be adjusted for dividends declared and paid subsequent to the respective grant dates.
     
    Stock Compensation Expense
     
    (Dollars in thousands)
    2017
    		    
    2016
    		  
    2015
    		  
    Expense recognized from stock compensation
    		    
    4,806
    		        
    6,936
    		      
    7,436
    		  

    The fair value on the vesting date for shares that vested in 2017 was $4.83 for 1,189,100 shares and $3.68 for 70,108 shares.  The fair value on the vesting date for shares that vested in 2016 was $5.67 for 285,362 shares, $5.78 for 530,594 shares and $3.86 for 67,744 shares.  The fair value on the vesting date for shares that vested in 2015 was $7.35 for 318,264 shares, $6.90 for 13,750 shares and $7.82 for 51,669 shares.  All share-based compensation is equity-settled and no payments were made for the vested shares.  The weighted average contractual life for the outstanding stock compensation series was 0.38 years as of December 31, 2017.

    Valuation of Stock Compensation

    For the year 2016, a total of 900,000 shares of restricted stock were awarded to management and the board of directors in January 2017, vesting in equal amounts on February 4, 2017, 2018 and 2019, respectively, subject to continued employment or office, as applicable.  The calculated fair value at grant date was equal to the share price at grant date.  For the year 2015, a total of 824,000 shares of restricted stock were awarded to management and the board of directors in January 2016, vesting in equal amounts on February 4, 2016, 2017 and 2018, respectively, subject to continued employment or office, as applicable.  The calculated fair value at grant date was equal to the share price at grant date.
     
     
    F-43
     
     
    In January 2015, the vesting criteria for all restricted shares awarded for the year 2013 that vest subject to continued employment or office with us, as applicable, and certain market conditions was changed to be subject to continued employment or office, as applicable, only.  The change resulted in an increase in the fair value of the restricted shares totaling $387, which is recognized over the remaining vesting period in a manner similar to the original amount.

    Compensation of Executives and Directors

    Remuneration of Executives and Directors as a group:

    (Dollars in thousands)
    		  
    2017
    		    
    2016
    		    
    2015
    		  
    Cash compensation
    		  
    $
    4,171
    		    
    $
    4,162
    		    
    $
    5,434
    		  
    Pension cost
    		    
    155
    		      
    158
    		      
    167
    		  
    Share compensation *
    		    
    4,107
    		      
    6,227
    		      
    6,223
    		  
    Total remuneration
    		  
    $
    8,433
    		    
    $
    10,547
    		    
    $
    11,823
    		  
     
    *Share compensation reflects the expense recognized.
     
    Shares held by Executives and Directors:

     
    2017
    		  
    2016
    		  
    2015
    		  
    Executives and Directors as a group*
    		    
    2,729,680
    		      
    2,416,385
    		      
    1,967,768
    		  
     
    *Includes 906,666 (2016: 1,184,155, 2015: 1,234,166) shares of restricted stock subject to vesting conditions.
     
    In connection with termination of an Executive's employment, the Executives of the Company may be entitled to an amount equal to 18 months' base salary and any unvested equity awards may become fully vested in certain circumstances.