On January 1,2020, an entity granted 50 share appreciation rights to each of its 200 employees on condition that the employees on condition that the employees remain in its employ for the next 3...

On January 1,2020, an entity granted 50 share appreciation rights to each of its 200 employees on condition that the employees on condition that the employees remain in its employ for the next 3 years. Exercise of the share appreciation rights were as follows:


December 31,2023 10 employees
December 31,2024 100 employees
December 31,2025 60 employees


Actual and estimates of employees who left and are expected to leave are as follows:
end of 2020: 10 employees left and additional 5 are expected to leave within the vesting period.
end of 2021:17 employees left and additional 3 are expected to leave within the vesting period.
end of 2022: no employee left


The fair value of the share appreciation rights are as follows:


Fair value
December 31,2020 P 15
December 31,2021 18
December 31,2022 20
December 31,2023 21
December 31,2024 24
December 31,2025 26


1. How much is the compensation expense to be recognized for the year 2024?

2. How much is the compensation expense in each of the years 2021 and 2022, respectively?

3.How much is the balance of share options outstanding as of December 31,2021?