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Note 15 - Stock-based Compensation
 12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
15.
Stock-based compensation
 
The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries. Options are granted at the market price for the underlying shares on the date of grant. Each option vests over a
four
-year term, expires
five
years from the date granted and allows for the purchase of
one
Common Share. All Common Shares issued are new shares. As at
December 31, 2020,
there were
151,250
options available for future grants.
 
Grants under the Company's stock option plan are equity-classified awards. Stock option activity for the year ended
December 31, 2020
is as follows:
 
            Weighted average    
        Weighted   remaining    
    Number of   average   contractual life   Aggregate
    options   exercise price   (years)   intrinsic value
                 
Shares issuable under options - Beginning of period    
1,639,100
     $
60.26
      
 
      
 
  
Granted    
542,000
      
114.90
      
 
      
 
  
Exercised    
(294,238
 )    
40.34
      
 
      
 
  
Forfeited    
(3,750
 )    
54.88
      
 
      
 
  
Shares issuable under options - December 31, 2020    
1,883,112
     $
79.11
      
2.6
     $
108,772
  
Options exercisable - End of period    
714,014
     $
60.63
      
1.6
     $
54,383
  
 
The Company incurred stock-based compensation expense related to these awards of
$11,628
during the year ended
December 31, 2020 (
2019
-
$8,126
).
 
As at
December 31, 2020,
the range of option exercise prices was
$35.96
to
$140.03
per share. Also as at
December 31, 2020,
the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were
$108,772
and
2.47
years, respectively.
 
The following table summarizes information about option exercises during year ended
December 31, 2020:
 
    2020
     
Number of options exercised    
294,238
  
         
Aggregate fair value   $
33,734
  
Intrinsic value    
22,224
  
Amount of cash received    
11,510
  
 
As at
December 31, 2020,
there was
$13,434
of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next
4
years. During the year ended
December 31, 2020,
the fair value of options vested was
$7,060
(
2019
-
$4,711
).
 
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model, utilizing the following weighted average assumptions:
 
    2020
     
Risk free rate    
1.3
 %
Expected life in years    
4.75
  
Expected volatility    
30.5
 %
Dividend yield    
0.5
 %
         
Weighted average fair value per option granted   $
29.56
  
 
The risk-free interest rate is based on the implied yield of a
zero
-coupon US Treasury bond with a term equal to the option's expected term. The expected life in years represents the estimated period of time until exercise and is based on historical experience. The expected volatility is based on the historical prices of the Company's shares over the previous
four
years.