Other, net
In October 2012, we completed a restructuring of our Chile operations which reduced the size of our workforce and resulted in a $5 million charge in the fourth quarter of 2012. During the first quarter of 2012, we incurred a one-time $7 million charge to earnings to terminate a time charter vessel lease contract.
Mark-to-Market Impact of Share-based Compensation
We grant share-based awards as an element of compensation. Share-based awards granted include stock options, share appreciation rights, tandem share appreciation rights, deferred share units, restricted share units and performance share units. For all the share-based awards, share-based compensation is recognized over the related vesting period for the proportion of the service that has been rendered at each reporting date. Share-based compensation includes an amount related to the grant-date value and a mark-to-market impact as a result of subsequent changes in the Company's share price. The grant-date value amount is included in Adjusted EBITDA and Adjusted net income. The mark-to-market impact of share-based compensation as a result of changes in our share price is excluded from Adjusted EBITDA and Adjusted net income and analyzed separately.
Three Months Ended --------------------------------- Mar 31 Dec 31 Mar 31 2013 2012 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Methanex Corporation share price (1) $ 40.63 $ 31.87 $ 32.43Grant-date fair value expense included in Adjusted EBITDA and Adjusted net income $ 6 $ 3 $ 7Mark-to-market impact due to change in share price 31 8 18----------------------------------------------------------------------------Total share-based compensation expense $ 37 $ 11 $ 25----------------------------------------------------------------------------(1) US dollar share price of Methanex Corporation as quoted on NASDAQ GlobalMarket on the last trading day of the respective period.
The Methanex Corporation share price increased from $31.87 per share at December 31, 2012 to $40.63 per share at March 31, 2013. As a result of the increase in the share price and the impact on the fair value of the outstanding units, we recorded a $31 million mark-to-market expense on share-based compensation in the first quarter of 2013 compared with an $8 million mark-to-market expense in the fourth quarter of 2012 and an $18 million expense in the first quarter of 2012.
Depreciation and Amortization
Depreciation and amortization was $30 million for the first quarter of 2013 compared with $35 million for the fourth quarter of 2012 and $36 million for the first quarter of 2012. Depreciation and amortization was lower in the first quarter of 2013 compared with the fourth quarter of 2012 and the first quarter of 2012 primarily as a result of the lower carrying value of our Chile assets due to the asset impairment charge recorded in the fourth quarter of 2012.
Finance Costs
Three Months Ended ----------------------------------- Mar 31 Dec 31 Mar 31($ millions) 2013 2012 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Finance costs before capitalized interest $ 16 $ 14 $ 16Less capitalized interest (1) (1) -----------------------------------------------------------------------------Finance costs $ 15 $ 13 $ 16----------------------------------------------------------------------------
