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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.