XML 43 R28.htm IDEA: XBRL DOCUMENT
v3.20.4

Note 21 - Stock-based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2020
Notes to Financial Statements |
Share-based Payment Arrangement [Text Block] |
21. | Stock-based compensation
The Company has a stock option plan for certain officers, key full-time employees and directors of the Company and its subsidiaries, other than its Chairman & CEO who has a Long Term Arrangement as described in note 19. 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, 2020, there were 352,500 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, 2020 and 2019 was as follows:
|  |  |  |  |  |  |  |  |  |  | Weighted average |  |  |  |  |
|  |  |  |  |  |  | Weighted |  |  |  | remaining |  |  |  | Aggregate |
|  |  | Number of |  |  |  | average |  |  |  | contractual life |  |  |  | intrinsic |
|  |  | options |  |  |  | exercise price |  |  |  | (years) |  |  |  | value |
Shares issuable under options - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2018 |  |  | 1,897,425 |  |  | $ | 45.08 |  |  |  |  |  |  |  |  |
Granted |  |  | 960,000 |  |  |  | 70.99 |  |  |  |  |  |  |  |  |
Exercised |  |  | (632,075 | ) |  |  | 34.71 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (223,750 | ) |  |  | 61.41 |  |  |  |  |  |  |  |  |
Shares issuable under options - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2019 |  |  | 2,001,600 |  |  | $ | 58.96 |  |  |  |  |  |  |  |  |
Granted |  |  | 547,250 |  |  |  | 85.79 |  |  |  |  |  |  |  |  |
Exercised |  |  | (344,225 | ) |  |  | 35.86 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (14,500 | ) |  |  | 70.07 |  |  |  |  |  |  |  |  |
Shares issuable under options - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
December 31, 2020 |  |  | 2,190,125 |  |  | $ | 69.22 |  |  |  | 3.2 |  |  | $ | 43,606 |
Options exercisable - December 31,2020 |  |  | 747,975 |  |  | $ | 60.51 |  |  |  | 2.3 |  |  | $ | 21,407 |
The Company incurred stock-based compensation expense related to these awards of $9,628 during the year ended December 31, 2020 ( 2019 - $7,831 ). As at December 31, 2020, the range of option exercise prices was $31.62 to $88.90 per share. The following table summarizes information about option exercises:
|  | Year ended December 31,
|  |  | 2020 |  |  |  | 2019 |
Number of options exercised |  |  | 344,225 |  |  |  | 632,075 |
Aggregate fair value |  | $ | 25,919 |  |  | $ | 43,873 |
Intrinsic value |  |  | 13,576 |  |  |  | 21,934 |
Amount of cash received |  |  | 12,343 |  |  |  | 21,939 |
Tax benefit recognized |  | $ | 102 |  |  | $ | 1,322 |
As at December 31, 2020, there was $18,826 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, 2020, the fair value of options vested was $7,841 ( 2019 - $6,727 ). 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:
|  | As at December 31,
|  |  | 2020 |  |  |  | 2019 |
Risk free rate |  |  | 0.2 | % |  |  | 2.1 | %
Expected life in years |  |  | 4.41 |  |  |  | 4.75 |
Expected volatility |  |  | 36.5 | % |  |  | 28.8 | %
Dividend yield |  |  | 0.1 | % |  |  | 0.1 | %
Weighted average fair value per option granted |  | $ | 28.33 |  |  | $ | 19.87 |
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.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration