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Shareholders' equity (Table)

12 Months Ended

Dec. 31, 2018

Shareholders' equity

Schedule of options to purchase common shares that have been granted


			2018						2017
					Weighted						Weighted
					average exercise						average exercise
			Number		price				Number		price
Stock options outstanding, beginning of year			955,603		C$	64.48			1,304,328		C$	50.64
Granted			153,824		C$	92.77			97,789		C$	100.10
Exercised			(94,018)		C$	60.49			(433,718)		C$	30.79
Forfeited			—		C$	—			(12,796)		C$	67.81
Stock options outstanding, end of the year			1,015,409		C$	69.13			955,603		C$	64.48

Exercisable stock options, end of the year			710,064		C$	60.40			617,539		C$	55.88

Schedule of fair value of options calculated using Black-Scholes option pricing model and weighted average assumptions utilized


			2018			2017
Risk-free interest rate			2.05	%		1.65	%
Expected dividend yield			1.38	%		1.19	%
Expected price volatility of the Company’s common shares			32.7	%		36.1	%
Expected life of the option			5 years			5 years
Forfeiture rate			0	%		0	%

Schedule of options to purchase common shares outstanding, exercise prices and weighted average lives to maturity


							Weighted
	Exercise		Options		Options		average life
	price		outstanding		exercisable		(years)
	C$31.39		10,000		10,000		1.39
	C$31.45		38,000		38,000		1.71
	C$33.12		1,500		1,500		1.90
	C$33.20		1,000		1,000		1.98
	C$40.87		52,786		52,786		4.94
	C$42.43		3,000		3,000		3.25
	C$42.67		2,500		2,500		2.92
	C$46.17		100,000		100,000		4.63
	C$55.58		27,397		27,397		3.95
	C$58.67		65,000		65,000		6.64
	C$59.52		113,914		113,914		5.95
	C$65.76		91,635		91,635		6.95
	C$75.45		257,064		170,736		7.95
	C$88.76		47,732		—		9.64
	C$94.57		106,092		—		9.95
	C$100.10		97,789		32,596		8.94
			1,015,409		710,064		7.00

Schedule of share purchase warrants


			2018			2017
Common shares outstanding			186,692,481			185,930,331
Stock options			1,015,409			955,603
Restricted Share Units			115,337			119,796
			187,823,227			187,005,730