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Note 15 - Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2011
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] |
15. | Stock-based compensation
The Company incurred stock-based compensation expense of $2,335 during the year ended December 31, 2011 (2010 - $2,761; 2009 - $5,424). Company stock option plan The Company has a stock option plan for certain officers and key full-time employees of the Company and its subsidiaries, other than its CEO. 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 Subordinate Voting Share. All Subordinate Voting Shares issued are new shares. As at December 31, 2011, there were 517,750 options available for future grants. Grants under the Company’s stock option plan are equity-classified awards. Stock option activity for the years ended December 31, 2011, 2010 and 2009 was as follows:
|  | Number of options |  |  | Weighted average exercise price |  |  |  | Weighted average remaining contractual life (years) |  |  |  | Aggregate intrinsic value |
Shares issuable under options - December 31, 2008 |  |  | 1,580,755 |  |  | $ | 18.24 |  |  |  |  |  |  |  |  |
Granted |  |  | 321,000 |  |  |  | 11.85 |  |  |  |  |  |  |  |  |
Exercised |  |  | (246,755 | ) |  |  | 10.11 |  |  |  |  |  |  |  |  |
Shares issuable under options - December 31, 2009 |  |  | 1,655,000 |  |  | $ | 18.22 |  |  |  |  |  |  |  |  |
Granted |  |  | 520,000 |  |  |  | 19.15 |  |  |  |  |  |  |  |  |
Exercised |  |  | (311,950 | ) |  |  | 14.59 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (12,750 | ) |  |  | 16.23 |  |  |  |  |  |  |  |  |
Shares issuable under options - December 31, 2010 |  |  | 1,850,300 |  |  | $ | 19.03 |  |  |  |  |  |  |  |  |
Granted |  |  | 308,000 |  |  |  | 30.78 |  |  |  |  |  |  |  |  |
Exercised |  |  | (262,750 | ) |  |  | 19.87 |  |  |  |  |  |  |  |  |
Shares issuable under options - December 31, 2011 |  |  | 1,895,550 |  |  | $ | 20.83 |  |  |  | 2.26 |  |  | $ | 13,048 |
Options exercisable - End of period |  |  | 951,350 |  |  | $ | 20.66 |  |  |  | 1.41 |  |  | $ | 6,672 |
As at December 31, 2011, the range of option exercise prices was $11.74 to $33.25 per share. Also as at December 31, 2011, the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were $13,048 and 2.0 years, respectively. The following table summarizes information about option exercises during years ended December 31, 2011, 2010 and 2009:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Number of options exercised |  |  | 262,750 |  |  |  | 311,950 |  |  |  | 246,755 |
Aggregate fair value |  | $ | 8,510 |  |  | $ | 6,741 |  |  | $ | 4,070 |
Intrinsic value |  |  | 3,320 |  |  |  | 2,190 |  |  |  | 1,544 |
Amount of cash received |  |  | 5,190 |  |  |  | 4,551 |  |  |  | 2,526 |
Tax benefit recognized |  | $ | 1,119 |  |  | $ | 699 |  |  | $ | 536 |
As at December 31, 2011, there was $3,632 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, 2011, the fair value of options vested was $2,606 (2010 - $2,434; 2009 - $2,140). 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:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Risk free rate |  |  | 1.0 | % |  |  | 1.4 | % |  |  | 1.3 | %
Expected life in years |  |  | 4.75 |  |  |  | 4.75 |  |  |  | 4.75 |
Expected volatility |  |  | 39.4 | % |  |  | 39.8 | % |  |  | 38.8 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Weighted average fair value per option granted |  | $ | 10.73 |  |  | $ | 6.85 |  |  | $ | 4.14 |
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. The dividend yield assumption is based on the Company’s present intention to retain all earnings in respect of the Common Shares. Subsidiary stock option plans The Company has stock option plans at its Commercial Real Estate subsidiary entitling the holders to acquire up to a 16.1% interest in the subsidiary. Grants under the subsidiary stock option plans are liability classified awards because the underlying stock is also classified as a liability (see note 13). The fair value of the liability relating to these awards is calculated each period using the Black-Scholes option pricing model. The fair value of the liability related to these awards as at December 31, 2011 was nil (2010 – nil) and compensation expense recognized related to the awards for the year ended December 31, 2011 was nil (2010 – nil).

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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