The vesting period and the position of the outstanding options are as follows:
|
Share option programs |
Expected |
Interest rate—% |
Expected volatility—% |
Number of instruments on December 31, 2017 |
Market price on grant date |
Exercise price at December 31, 2017 |
Fair value at grant date—R$(i) |
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| Granted | Exercisable or Cancelled options |
Outstanding | ||||||||||||||||||||||||||||||||
|
August 18, 2011 (A) |
1 to 7 | 12.39 | 31.44 | 4,825,000 | (4,417,000 | ) | 408,000 | 22.80 | 26.05 | 6.80 | ||||||||||||||||||||||||
|
August 18, 2011 (B) |
1 to 12 | 12.39 | 30.32 | 5,000,000 | (2,000,000 | ) | 3,000,000 | 22.80 | 26.05 | 8.15 | ||||||||||||||||||||||||
|
December 12, 2012 (C) |
1 to 7 | 8.78 | 31.44 | 700,000 | (420,000 | ) | 280,000 | 38.89 | 47.32 | 10.10 | ||||||||||||||||||||||||
|
April 24, 2013 |
5 to 7 | 13.35 | 27.33 | 970,000 | (110,000 | ) | 860,000 | 45.22 | 54.00 | 17.95 | ||||||||||||||||||||||||
|
April 25, 2014 |
5 to 7 | 12.43 | 29.85 | 960,000 | (70,000 | ) | 890,000 | 39.02 | 43.74 | 15.67 | ||||||||||||||||||||||||
|
August 31, 2015 |
5 to 7 | 14.18 | 33.09 | 759,000 | (85,000 | ) | 674,000 | 19.96 | 18.90 | 7.67 | ||||||||||||||||||||||||
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| 13,214,000 | (7,102,000 | ) | 6,112,000 | |||||||||||||||||||||||||||||||
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| (i) | The fair value measurement was performed on the Black-Scholes pricing model. |