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Share Capital (Tables)
12 Months Ended
Dec. 31, 2019
Text block [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 2019.
 
 
  
 
  
 
  
    Dividend per Share
  
                    Paid
 
 Date Declared
  
Record Date
  
Payment Date
  
$
  
$
 
 February 27, 2019
  
March 29, 2019
  
April 15, 2019
  
0.1450
  
 
16.2
 
 May 9, 2019
  
June 28, 2019
  
July 15, 2019
  
0.1450
  
 
16.2
 
 August 7, 2019
  
September 30, 2019
  
October 15, 2019
  
0.1450
  
 
16.2
 
 November 6, 2019
  
December 30, 2019
  
January 15, 2020
  
0.1450
  
 
-
 
Summary of Granted Share Options
 
 
For the year ended
 
 
For the year ended
 
 
 
December 31
 
 
December 31
 
 
 
2019
 
 
2018
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
Weighted Average
 
 
 
 
 
 
Exercise Price
 
 
 
 
 
Exercise Price
 
 
 
Shares
 
 
per Share
 
 
Shares
 
 
per Share
 
  
 
#
 
 
$
 
 
#
 
 
$
 
     
Share options, beginning of the year
 
 
    4,987,542
 
 
 
31.11
 
 
 
    4,426,237
 
 
 
29.84
 
Granted
 
 
-
 
 
 
-
 
 
 
1,112,779
 
 
 
32.98
 
Exercised
 
 
(753,583
 
 
25.09
 
 
 
(338,989
 
 
20.40
 
Forfeited
 
 
(182,879
 
 
32.41
 
 
 
(212,485
 
 
31.49
 
     
Share options, end of the year
 
 
4,051,080
 
 
 
32.17
 
 
 
4,987,542
 
 
 
31.11
 
Summary of Outstanding Share Options
The options held by officers and employees at December 31, 2019, 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
 
$
        
20.88
 
107,168
 
0.16
 
20.88
  
 
 
107,168
 
0.16
 
20.88
31.75
32.98
 
3,943,912
 
2.24
 
32.48
  
 
 
2,916,710
 
1.96
 
32.45
        
20.88
32.98
 
4,051,080
 
2.18
 
32.17
  
 
 
3,023,878
 
1.89
 
32.04
Summary of Weighted Average Assumptions
In 2019, the Company granted no (2018 – 1,112,779) share options. The estimated fair value of options granted in 2018 was $5.73 per option and was determined using the weighted average assumptions indicated below:
 
  
  
2018
 
  
Volatility in the price of the Company’s shares (%)
  
 
24.12
 
Risk-free interest rate (%)
  
 
2.10
 
Expected hold period to exercise (years)
  
 
3.50
 
Dividend yield (%)
  
 
1.668
 
Exercise price ($)
  
 
32.98
 
Summary of Non-Vested Options
A summary of the status of the Company’s
non-vested
options for the year ended December 31, 2019, is as follows:
 
 
  
Number of Shares
Subject to Option
 
 
 
    Weighted Average
Grant Date
Fair Value
per Share
 
 
  
#
 
 
$
 
Non-vested
share options, beginning of the year
  
 
2,079,153
 
 
 
5.53
 
Vested
  
 
(997,936
 
 
5.37
 
Forfeited
  
 
(54,015
 
 
5.60
 
 
 
 
Non-vested
share options, end of the year
  
 
1,027,202
 
 
 
5.69
 
Summary of the Company's RSUs, PSUs, and DSUs
A summary of the Company’s RSUs, PSUs, and DSUs for 2019, is as follows:
 
 
  
                    December  31, 2019                    
 
 
        December 31, 2018        
 
 
  
RSUs
 
 
PSUs
 
 
DSUs
 
 
PSUs
 
 
DSUs
 
  
  
#
 
 
#
 
 
#
 
 
#
 
 
#
 
      
Units, beginning of year
  
 
-
 
 
 
744,081
 
 
 
306,459
 
 
 
686,250
 
 
 
438,969
 
Granted
  
 
166,963
 
 
 
379,289
 
 
 
44,806
 
 
 
280,884
 
 
 
46,356
 
Paid
  
 
-
 
 
 
(198,815
 
 
(75,315
 
 
(193,385
 
 
(178,866
Forfeited
  
 
(2,259
 
 
(48,816
 
 
-
 
 
 
(29,668
 
 
-
 
      
Units, end of the year
  
 
164,704
 
 
 
875,739
 
 
 
275,950
 
 
 
744,081
 
 
 
306,459
 
      
Units vested, end of the year
  
 
-
 
 
 
-
 
 
 
275,950
 
 
 
-
 
 
 
306,459