SVS repurchased in Q1 2023 and Q1 2022 for cancellation and for SBC plan delivery obligations (including under ASPPs) are set forth in the chart below.
SVS repurchases:
| Three months ended March 31 | |||||
| 2022 | 2023 | ||||
| Aggregate cost(1) of SVS repurchased for cancellation(2) | $ | 7.8 | $ | 10.6 | |
| Number of SVS repurchased for cancellation (in millions)(3) | 0.7 | 0.8 | |||
| Weighted average price per share for repurchases | $ | 11.50 | $ | 13.12 | |
| Aggregate cost(1) of SVS repurchased for delivery under SBC plans (see below) | $ | 34.8 | $ | — | |
| Number of SVS repurchased for delivery under SBC plans (in millions)(4) | 3.0 | — | |||
(1) Includes transaction fees.
(2) For Q1 2023, excludes the $5.0 March 2023 NCIB Accrual.
(3) For Q1 2022 and Q1 2023, includes 0.2 million and 0.4 million NCIB ASPP purchases of SVS for cancellation, respectively.
(4) For Q1 2022, consists entirely of SBC ASPP purchases.
SBC:
From time to time, we pay cash to a broker to purchase SVS in the open market to satisfy delivery requirements under our SBC plans. At March 31, 2023, the broker held 0.9 million SVS with a value of $10.3 (December 31, 2022 — 1.5 million SVS with a value of $16.7) for this purpose, which we report as treasury stock on our consolidated balance sheet. We used 0.6 million SVS held by the broker to settle SBC awards during Q1 2023.
We grant restricted share units (RSUs) and performance share units (PSUs), and from time-to-time stock options, to employees under our SBC plans. The majority of RSUs vest one-third per year over a three-year period. Stock options generally vest 25% per year over a four-year period. The number of outstanding PSUs that will actually vest varies from 0% to 200% of a target amount granted. For PSUs granted in 2020, 2021 and 2022, the number of PSUs that vested (or will vest) are based on the level of achievement of a pre-determined non-market performance measurement in the final year of the relevant three-year performance period, subject to modification by each of a separate pre-determined non-market financial target, and our relative total shareholder return (TSR), a market performance condition, compared to a pre-defined group of companies, in each case over the relevant three-year performance period. For PSUs granted in Q1 2023, the number of PSUs that will vest are based on the level of achievement of a different predetermined non-market performance measurement, subject to modification by our relative TSR compared to a pre-defined group of companies, in each case over the relevant three-year performance period. We also grant deferred share units (DSUs) and RSUs (under specified circumstances) to directors as compensation under our Directors' Share Compensation Plan. See note 2(l) to the 2022 AFS for further detail.
Information regarding RSU, PSU and DSU grants to employees and directors, as applicable, for the periods indicated is set forth below (no stock options were granted in either period):
| Three months ended March 31 | |||||
| 2022 | 2023 | ||||
| RSUs Granted: | |||||
| Number of awards (in millions) | 1.7 | 1.8 | |||
| Weighted average grant date fair value per unit | $ | 12.42 | $ | 12.75 | |
| PSUs Granted: | |||||
| Number of awards (in millions, representing 100% of target) | 1.2 | 1.3 | |||
| Weighted average grant date fair value per unit | $ | 14.40 | $ | 15.01 | |
| DSUs Granted: | |||||
| Number of awards (in millions) | 0.03 | 0.03 | |||
| Weighted average grant date fair value per unit | $ | 11.91 | $ | 12.90 | |
In Q1 2023, we settled a portion of RSUs and PSUs that vested during the quarter with a cash payment of $49.8. Since those awards may be settled either in cash or SVS at the discretion of Celestica, we accounted for them as equity-settled awards.
