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Share Capital (Tables)
 12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Dividends Declared and Recorded in the Consolidated Financial Statements

The table below describes the dividends declared and recorded in the consolidated financial statements in 2017.

 

              

 

Dividend per Share

                  Paid  
Date Declared    Record Date    Payment Date    $      $  

February 22, 2017

    March 31, 2017    April 13, 2017      0.1250        14.3  

May 10, 2017

    June 30, 2017    July 13, 2017      0.1250        14.2  

August 8, 2017

    September 29, 2017        October 12, 2017      0.1250        14.2  

November 8, 2017    

    December 31, 2017    January 11, 2018      0.1250        -  
Summary of Granted Share Options

The Company has granted share options to officers and employees to purchase 4,426,237 shares at prices from $14.33 to $32.90 per share. These options expire on dates between January 28, 2018, and May 16, 2022.

 

    

 

For the year ended

      For the year ended  
     December 31      December 31  
     2017      2016  
           Weighted Average            Weighted Average  
           Exercise Price            Exercise Price  
     Shares     per share              Shares     per share  
      #     $      #     $  

Share options, beginning of the year

      3,655,020       28.33        2,980,601       26.17  

Granted

      1,229,689       31.75        995,904       32.83  

Exercised

      (376,160 )      21.09        (254,156 )      19.76  

Forfeited

      (82,312 )      31.57        (67,329 )      31.45  
         

Share options, end of the year

            4,426,237       29.84        3,655,020       28.33  
Summary of Outstanding Share Options

The options held by officers and employees at December 31, 2017, were as follows:

     
Options Outstanding           Options Exercisable  
                       Weighted                             Weighted  
            Weighted      Average                  Weighted      Average  
            Average      Exercise                  Average      Exercise  
Range of Exercise           Remaining      Price per           Shares      Remaining      Price per  
Prices per share    Outstanding      Contractual      share           Exercisable      Contractual      share  
$    #      Life in Years      $           #      Life in Years      $  

14.33 – 14.88

      337,714        0.87        14.73           337,714        0.87        14.73  

20.88

      432,367        2.16        20.88           432,367        2.16        20.88  

31.75 – 32.90

      3,656,156        3.86        32.29           1,516,836        3.58        32.56  
             

14.33 – 32.90

      4,426,237        3.46        29.84           2,286,917        2.91        27.72  
Summary of Weighted Average Assumptions

The estimated fair value of options granted at the share market price on the grant date was $5.03 per share (2016 – $5.22) and was determined using the weighted average assumptions indicated below:

 

    

 

                2017

                     2016  

Volatility in the price of the Company’s shares (%)

     24.13       23.73  

Risk-free interest rate (%)

     0.81       0.76  

Expected hold period to exercise (years)

     3.50       3.50  

Dividend yield (%)

     1.575       1.370  

Exercise price ($)

     31.75       32.83  
Summary of Non-Vested Options

A summary of the status of the Company’s non-vested options as at December 31, 2017, and of changes in the period are as follows:

 

          Weighted Average  
          Grant Date  
    Number of Shares     Fair Value  
    Subject to Option     per share  
     #     $  

Non-vested share options, beginning of the year

     1,826,629       5.78  

Granted

     1,229,689       5.03  

Vested

     (852,874 )      5.98  

Forfeited

     (64,124 )      5.46  
     

Non-vested share options, end of the year

     2,139,320       5.28