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Note 14 - Stock-based Compensation
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
14.
Stock-based compensation
 
The Company has a stock option plan for certain officers, directors and key full-time employees of the Company and its subsidiaries, other than its Chairman & CEO. Options are granted at the market price for the underlying shares on the day immediately prior to 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, 2017,
there were
544,625
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, 2017
and
2016
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, 2015    
1,440,500
     $
28.65
      
 
      
 
  
Granted    
395,000
      
32.94
      
 
      
 
  
Exercised    
(144,150
 )    
19.83
      
 
      
 
  
Forfeited    
(88,500
 )    
32.14
      
 
      
 
  
Shares issuable under options - December 31, 2016    
1,602,850
     $
30.31
      
 
      
 
  
Granted    
450,000
      
46.21
      
 
      
 
  
Exercised    
(285,700
 )    
19.74
      
 
      
 
  
Forfeited    
(13,875
 )    
40.10
      
 
      
 
  
Shares issuable under options - December 31, 2017    
1,753,275
     $
36.03
      
2.7
     $
42,631
  
Options exercisable - End of year    
644,450
     $
31.77
      
2.0
     $
18,418
  
 
The Company incurred stock-based compensation expense related to these awards of
$4,425
during the year ended
December 31, 2017 (
2016
-
$3,279
).
 
As at
December 31, 2017,
the range of option exercise prices was
$18.18
to
$59.30
per share. Also as at
December 31, 2017,
the aggregate intrinsic value and weighted average remaining contractual life for in-the-money options vested and expected to vest were
$42,631
and
2.7
years, respectively.
 
The following table summarizes information about option exercises during years ended
December 31, 2017
and
2016:
 
      2017       2016  
                 
Number of options exercised    
285,700
      
144,150
  
                 
Aggregate fair value   $
14,213
     $
5,222
  
Intrinsic value    
8,572
      
2,364
  
Amount of cash received    
5,641
      
2,858
  
                 
Tax benefit recognized   $
102
     $
-
  
 
As at
December 31, 2017,
there was
$4,705
of unrecognized compensation cost related to non-vested awards which is expected to be recognized over the next
four
years. During the year ended
December 31, 2017,
the fair value of options vested was
$3,422
(
2016
-
$2,998
).
 
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:
 
      2017       2016  
         
Risk free rate    
1.5
 %    
1.1
 %
Expected life in years    
4.75
      
4.75
  
Expected volatility    
28.9
 %    
33.0
 %
Dividend yield    
0.2
 %    
0.3
 %
                 
Weighted average fair value per option granted   $
12.36
     $
9.64
  
 
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.