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Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of significant assumptions used in determining fair value of options granted

The following table shows the significant assumptions used in determining the fair value of options granted in the nine months ended September 30, 2020 and September 30, 2021. The Company granted options covering 431,924 shares in the nine months ended September 30, 2020.

			Nine months ended September 30,2020						Nine months ended September 30,2021
Dividend yield			0.89		%				0.84			-			1.08		%
Expected life (in months)			84												84
Risk-free rate of interest			1.50		%				1.12			-			1.37		%
Volatility			20.96		%				26.05			-			26.18		%

Schedule of stock option activity

A summary of stock option activity during the nine months ended September 30, 2021 is set out below:

			Nine Months Ended September 30, 2021
			Shares  arising out of options						Weighted  average exercise price						Weighted average remaining contractual life (years)						Aggregate intrinsic value
Outstanding as of January 1, 2021			7,347,241						26.41						5.7						—
Granted			1,831,180						43.98						—						—
Forfeited			(25,000)						31.50						—						—
Expired			—						—						—						—
Exercised			(1,020,125)						20.50						—						26,085
Outstanding as of September 30, 2021			8,133,296						31.10						6.3						134,565
Vested as of September 30, 2021 and expected to vest thereafter (Note a)			7,485,096						30.24						6.3						130,045
Vested and exercisable as of September 30, 2021			3,242,333						23.94						3.7						76,436
Weighted average grant date fair value of grants during the period			11.35

(a)Options expected to vest reflect an estimated forfeiture rate.

Schedule of restricted share units activity

The Company has granted restricted share units (“RSUs”) under the 2007 and 2017 Omnibus Plans. Each RSU represents the right to receive one common share. The fair value of each RSU is the market price of one common share of the Company on the date of the grant. The RSUs granted to date have graded vesting schedules of three months to four years. The compensation expense is recognized on a straight-line basis over the vesting term. A summary of RSU activity during the nine months ended September 30, 2021 is set out below:

			Nine Months Ended September 30, 2021
			Number of Restricted Share Units						Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2021			860,308						36.44
Granted			466,702						44.00
Vested (Note a)			(351,926)						31.01
Forfeited			(54,514)						37.39
Outstanding as of September 30, 2021			920,570						42.29
Expected to vest (Note b)			797,265

(a)351,926 RSUs that vested during the period were net settled upon vesting by issuing 230,284 shares (net of minimum statutory tax withholding).

(b)The number of RSUs expected to vest reflects the application of an estimated forfeiture rate.

Schedule of performance units activity

A summary of PU activity during the nine months ended September 30, 2021 is set out below:

			Nine months ended September 30, 2021
			Number of Performance Units						Weighted Average Grant Date Fair Value						Maximum Shares Eligible to Receive
Outstanding as of January 1, 2021			4,876,196						34.56						4,876,196
Granted			1,335,917						44.04						2,671,834
Vested (Note a)			(1,784,140)						30.66						(1,784,140)
Forfeited			(201,008)						39.76						(239,736)
Adjustment upon final determination of level of performance goal achievement (Note b)			9,625						42.48						9,625
Outstanding as of September 30, 2021			4,236,590						38.97						5,533,779
Expected to vest (Note c)			4,018,807

(a)1,784,140 PSUs that vested during the period were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding).

(b)Represents an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards.

(c)The number of PUs expected to vest reflects the application of an estimated forfeiture rate.

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Disclosure of components of Performance stock awards granted to employees, comprised of changes in the quantity of the shares granted, vested and allotted, forfeited and outstanding during the reporting period along with weighted average grant date fair value.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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