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Equity and dividends
 12 Months Ended
Dec. 31, 2021
Equity and dividends  
Equity and dividends

23.   Equity and dividends

Share capital

Common stock

Unlimited number of common shares, without par value.

Preferred stock

Unlimited number of senior preferred shares, without par value, issuable in series.

Unlimited number of junior preferred shares, without par value, issuable in series.

All issued shares are fully paid. No preferred shares have been issued.

Shares issued for business combinations

The Company has issued the following common shares in connection with the acquisitions of Rouse and SmartEquip. These shares were issued to certain previous unitholders and shareholders of Rouse and SmartEquip, based on the fair market value of the Company’s common shares at the acquisition date. The Company records share-based continuing employment costs in acquisition-related costs over the vesting period, with an increase to additional paid-in capital. The vesting of shares issued for business combinations is subject to continuing employment with the Company over various dates over a three year period from their respective acquisition dates. As and when the common shares vest, the Company will recognize the fair value of the issued common shares from additional paid-in capital to share capital.

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Shares issuance for business combination activity is presented below:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Rouse

​

SmartEquip

​

Total

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average

​

Common

​

Fair value

​

Common

​

Fair value

 

Common

​

fair value

​

shares 

​

per common

​

shares 

​

per common

 

shares 

​

per common

​

issued

  

shares

  

issued

  

shares

 

issued

  

shares

Outstanding, December 31, 2018

—

​

$

—

​

—

​

$

—

​

—

​

$

—

Granted

—

​

 

—

​

—

​

 

—

​

—

​

 

—

Forfeited

—

​

 

—

​

—

​

 

—

​

—

​

 

—

Outstanding, December 31, 2019

—

​

$

—

​

—

​

$

—

​

—

​

$

—

Granted

312,193

​

 

71.09

​

—

​

 

—

​

312,193

​

 

71.09

Forfeited

—

​

 

—

​

—

​

 

—

​

—

​

 

—

Outstanding, December 31, 2020

312,193

​

$

71.09

​

—

​

$

—

​

312,193

​

$

71.09

Granted

—

​

​

—

​

63,971

​

​

68.39

​

63,971

​

​

68.39

Vested

(67,018)

​

​

71.09

​

​

​

​

​

​

(67,018)

​

​

71.09

Forfeited

(55,510)

​

​

71.09

​

—

​

​

—

​

(55,510)

​

​

71.09

Outstanding, December 31, 2021

189,665

​

$

71.09

​

63,971

​

$

68.39

​

253,636

​

$

70.41

​

In 2021, the Company recognized $4,764,000 of share capital from additional paid-in capital for the portion of common shares previously issued in connection with the acquisition of Rouse that have vested as of December 31, 2021.

As at December 31, 2021, the unrecognized share-based continuing employment costs was $10,733,000 (2020: $19,933,000), which is expected to be recognized over a weighted average period of 1.6 years.

​

23.   Equity and dividends (continued)

Share repurchase

There were no common shares repurchased during the year ended December 31, 2021. There were 1,525,312 common shares repurchased for $53,170,000 in the year ended December 2020 and 1,223,674 common shares repurchased for $42,012,000 in the year ended December 2019.

Change in non-controlling interest

​

On September 13, 2021, the Company purchased the remaining 25% membership interest in of Xcira, LLC, a Delaware limited liability Company, for a purchase price of $5,555,555. The transaction increased the Company’s ownership interest in Xcira, LLC to 100%.

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Dividends

Declared and paid

The Company declared and paid the following dividends during the years ended December 31, 2021, 2020, and 2019:

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​

​

​

​

    

​

    

Dividend 

    

​

    

Total 

    

​

​

​

Declaration date

​

per share

​

Record date

​

dividends

​

Payment date

Year ended December 31, 2021:

​

​

​

​

​

​

​

​

​

​

​

​

Fourth quarter 2020

​

January 22, 2021

​

$

0.2200

​

February 12, 2021

​

$

24,181

​

March 5, 2021

First quarter 2021

​

May 7, 2021

​

​

0.2200

​

May 26, 2021

​

​

24,279

​

June 16, 2021

Second quarter 2021

​

August 4, 2021

​

​

0.2500

​

August 25, 2021

​

​

27,607

​

September 15, 2021

Third quarter 2021

​

November 3, 2021

​

​

0.2500

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November 24, 2021

​

​

27,652

​

December 15, 2021

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2020:

​

  

​

 

  

​

  

​

 

  

​

  

Fourth quarter 2019

​

January 24, 2020

​

$

0.2000

​

February 14, 2020

​

$

21,905

​

March 6, 2020

First quarter 2020

​

May 6, 2020

​

 

0.2000

​

May 27, 2020

​

 

21,681

​

June 17, 2020

Second quarter 2020

​

August 5, 2020

​

 

0.2200

​

August 26, 2020

​

 

24,053

​

September 16, 2020

Third quarter 2020

​

November 4, 2020

​

 

0.2200

​

November 25, 2020

​

 

24,098

​

December 16, 2020

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 2019:

​

  

​

 

  

​

  

​

 

  

​

  

Fourth quarter 2018

​

January 25, 2019

​

$

0.1800

​

February 15, 2019

​

$

19,568

​

March 8, 2019

First quarter of 2019

​

May 8, 2019

​

 

0.1800

​

May 29, 2019

​

 

19,592

​

June 19, 2019

Second quarter of 2019

​

August 8, 2019

​

 

0.2000

​

August 28, 2019

​

 

21,631

​

September 18, 2019

Third quarter 2019

​

November 7, 2019

​

 

0.2000

​

November 27, 2019

​

 

21,744

​

December 18, 2019

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Declared and undistributed

In addition to the above dividends, since the end of the year the Directors have recommended the payment of a final dividend of $0.25 per common share, accumulating to a total dividend of $27,658,000. The aggregate amount of the proposed final dividend is expected to be paid out of retained earnings on March 4, 2022 to stockholders of record on February 11, 2022. This dividend has not been recognized as a liability in the financial statements. The payment of this dividend will not have a tax consequence for the Company.

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Foreign currency translation reserve

Foreign currency translation adjustment includes intra-entity foreign currency transactions that are of a long-term investment nature, which generated net loss of $8,763,000 for 2021 (2020: net gain of $10,826,000; 2019: net loss of $1,082,000).