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Stock-based compensation (Tables)
3 Months Ended
Mar. 31, 2016
Share-based Payment Award, Stock Options Granted, Valuation Assumptions

The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in the three months ended March 31, 2015. No options were granted in the three months ended March 31, 2016.

 

     Three months ended
March 31, 2015
 

Dividend yield

     —    

Expected life (in months)

     84   

Risk free rate of interest

     1.99

Volatility

     34.97
Summary of Stock Option Activity

A summary of stock option activity during the three months ended March 31, 2016 is set out below:

 

     Three months ended March 31, 2016  
     Shares arising
out of options
     Weighted average
exercise price
     Weighted average remaining
contractual life (years)
     Aggregate
intrinsic
value
 

Outstanding as of January 1, 2016

     5,986,845       $ 16.99         5.8       $ —     

Granted

     —           —           —           —     

Forfeited

     (25,000      19.35         —           —     

Expired

     —           —           —           —     

Exercised

     (248,316      16.96         —           2,539   
  

 

 

    

 

 

    

 

 

    

 

 

 

Outstanding as of March 31, 2016

     5,713,529       $ 16.98         5.5       $ 59,157   
  

 

 

    

 

 

    

 

 

    

 

 

 

Vested as of March 31, 2016 and expected to vest thereafter (Note a)

     5,541,849       $ 16.76         5.5       $ 57,790   

Vested and exercisable as of March 31, 2016

     3,492,030       $ 15.34         4.3       $ 41,382   

Weighted average grant date fair value of grants during the period

   $ —              

 

a) Options expected to vest reflect an estimated forfeiture rate.
Summary of Restricted Share Units Granted

A summary of RSUs granted during the three months ended March 31, 2016 is set out below:

 

    Three months ended March 31, 2016  
    Number of Restricted Share Units     Weighted Average Grant Date Fair Value  

Outstanding as of January 1, 2016

    157,390      $ 17.67   

Granted

    —          —     

Vested (Note a)

    (5,256     14.87   

Forfeited

    (1,135     14.18   
 

 

 

   

 

 

 

Outstanding as of March 31, 2016

    150,999      $ 17.80   
 

 

 

   

 

 

 

Expected to vest (Note b)

    143,800     

 

(a) RSUs that vested during the period covered were net settled upon vesting by issuing 3,228 shares (net of minimum statutory tax withholding).
(b) The number of RSUs expected to vest reflects an estimated forfeiture rate.
Summary of Performance Units Activity

A summary of PU activity during the three months ended March 31, 2016 is set out below:

 

     Three months ended March 31, 2016  
     Number of Performance
Units
     Weighted Average
Grant Date Fair
Value
     Maximum
Shares
Eligible to
Receive
 

Outstanding as of January 1, 2016

     2,499,322       $ 19.95         2,499,322   

Granted

     —           —           —     

Vested

     —           —           —     

Forfeited

     (62,411      19.56         (62,411

Adjustment upon final determination of level of performance goal achievement (Note a)

     7,274         22.72      

Adjustment upon final determination of level of performance goal achievement (Note a)

           7,274   
  

 

 

    

 

 

    

 

 

 

Outstanding as of March 31, 2016

     2,444,185       $ 19.96         2,444,185   
  

 

 

    

 

 

    

 

 

 

Expected to vest (Note b)

     2,211,468         

 

(a) Represents an adjustment made in March 2016 to the number of shares subject to the PUs granted in 2015 upon certification of the level of achievement of the performance targets underlying such awards.
(b) The number of PUs expected to vest has been adjusted by an estimated forfeiture rate.