Share-based Payments

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

16. Share-based Payments

The following table summarizes the components of share-based payment expense by consolidated income statement classification:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Selling, general and administrative:
Stock option compensation expense	$	0.7	$	1.1	$	3.0	$	5.4
Equity-classified share units	7.3		10.9		32.9		23.8
Liability-classified share units	0.6		0.1		2.1		0.6
Employee share purchase plan	1.2		1.3		5.8		2.6
	9.8		13.4		43.8		32.4
Acquisition-related and integration costs:
Acceleration of share-based payments expense	0.1		0.6		1.0		6.5
Share-based continuing employment costs	0.2		0.9		0.4		2.9
	0.3		1.5		1.4		9.4
	$	10.1	$	14.9	$	45.2	$	41.8

Equity-classified and liability-classified share units

The following table summarizes share unit activity for the nine months ended September 30, 2024:


	Equity-classified									Liability-classified
	Performance Share Units (Performance Conditions)			Performance Share Units (Market Conditions)			Restricted Share Units			Deferred Share Units
	Number	WA grant date fair value		Number	WA grant date fair value		Number	WA grant date fair value		Number	WA grant date fair value
Outstanding, December 31, 2023	415,429	$	58.35	174,260	$	74.83	539,671	$	53.64	100,560	$	38.36
Granted	161,579	75.93		160,223	122.42		322,471	75.76		11,667	72.48
Vested and settled	(114,315)	58.79		(58,511)	66.08		(232,451)	53.47		(3,759)	59.05
Forfeited	(15,342)	58.10		(9,618)	83.59		(26,885)	59.15		—	—
Outstanding at September 30, 2024	447,351	$	64.59	266,354	$	105.06	602,806	$	65.29	108,468	$	41.31

Performance Share Units ("PSUs")

During the nine months ended September 30, 2024 the Company granted PSU's that are equity settled to executives and senior employees, half of which vest based on performance conditions and half of which vest based on market conditions, conditional upon the Company's total shareholder return relative to a peer group. PSU's typically have three year performance and market vesting conditions.

The fair value of PSUs with performance vesting conditions granted during the nine months ended September 30, 2024 were estimated using the closing market price of the Company's common shares listed on the NYSE on the respective grant dates.

The fair value of PSUs with market vesting conditions granted during the nine months ended September 30, 2024 were estimated using a Monte Carlo simulation model on the respective grant dates incorporating the following significant assumptions, presented on a weighted average basis:



Risk free interest rate	4.4	%

Expected lives of the PSUs	3 years
Expected volatility	32.2	%
Average expected volatility of comparable companies	48.3	%

Restricted Share Units ("RSUs")

During the nine months ended September 30, 2024 the Company granted RSUs that are equity settled to employees and members of its Board of Directors which vest based on service conditions. RSUs granted to employees typically vest over a three year service period and RSUs granted to directors vest on the earlier of (i) the one year anniversary of the grant date and (ii) the date of the Company's next annual meeting of shareholders. The issuance of shares related to RSUs granted to directors may be deferred at the holder's election.

The fair value of RSUs granted during the nine months ended September 30, 2024 were estimated using the closing market price of the Company's common shares listed on the NYSE on the respective grant dates.