Note 15 - Stock-based Compensation

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

15.	Stock-based compensation

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, 2014, there were 963,250 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, 2014, 2013 and 2012 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, 2011		1,895,550		$	20.83
Granted		367,000			31.48
Exercised		(363,850	)		19.15
Forfeited		(169,500	)		32.38
Shares issuable under options - December 31, 2012		1,729,200		$	22.31
Granted		422,000			31.35
Exercised		(464,150	)		16.20
Shares issuable under options - December 31, 2013		1,687,050		$	26.25
Granted		343,000			49.57
Exercised		(558,150	)		19.26
Forfeited		(8,000	)		31.28
Shares issuable under options - December 31, 2014		1,463,900		$	34.35		2.6	$	24,176
Options exercisable - End of period		560,450		$	29.19		1.7	$	12,148

The Company incurred stock-based compensation expense related to these awards of $4,077 during the year ended December 31, 2014 (2013 - $4,166; 2012 - $3,169).

As at December 31, 2014, the range of option exercise prices was $19.15 to $49.54 per share. Also as at December 31, 2014, the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were $24,176 and 2.6 years, respectively.

The following table summarizes information about option exercises during years ended December 31, 2014, 2013 and 2012:

	2014		2013		2012

Number of options exercised		558,150		464,150		363,850

Aggregate fair value	$	27,973	$	16,780	$	11,198
Intrinsic value		17,223		9,313		4,265
Amount of cash received		10,750		7,467		6,933

Tax benefit recognized	$	5,856	$	3,148	$	1,438

As at December 31, 2014, there was $3,754 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, 2014, the fair value of options vested was $3,750 (2013 - $3,956; 2012 - $3,485).

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:

	2014			2013			2012

Risk free rate		0.9	%		0.4	%		0.4	%
Expected life in years		4.75			4.75			4.75
Expected volatility		25.5	%		37.5	%		40.3	%
Dividend yield		0.8	%		0.0	%		0.0	%

Weighted average fair value per option granted	$	10.52		$	10.13		$	10.87

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.

Subsidiary stock option plan

The Company has a stock option plan at its Commercial Real Estate subsidiary entitling the holders to acquire up to a 1.3% interest in the subsidiary as at December 31, 2014. As of December 31, 2014 a 5.0% interest in the subsidiary was held by those who had previously exercised stock options under the plan. Options, as well as shares acquired upon option exercise under the subsidiary stock option plan, are liability classified awards because the underlying stock is also classified as a liability. 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, 2014 was $16,892 (2013 - $12,834) and compensation expense recognized related to the awards for the year ended December 31, 2014 was $9,006 (2013 - $8,568; 2012 - $4,266).

- 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.

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