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Stock-based compensation (Tables) | 12 Months Ended
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Dec. 31, 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 connection with the determination of the fair value of options granted in 2019, 2020 and 2021:
| 2019 |  | 2020 |  | 2021
Dividend yield | 0.82% | — | 1.08% |  | 0.89% |  | 0.84% | — | 1.08%
Expected life (in months) | 84 |  | 84 |  | 84
Risk-free rate of interest for expected life | 1.56% | — | 2.63% |  | 1.50% |  | 1.12% | — | 1.37%
Volatility | 21.00% | — | 21.38% |  | 20.96% |  | 26.05% | — | 26.18%
Schedule of stock option activity | A summary of stock option activity during the years ended December 31, 2019, 2020 and 2021 is set out below:
| Year ended December 31, 2019
| Shares arising out of options |  | Weighted average exercise price |  | Weighted average remaining contractual life (years) |  | Aggregate intrinsic value
Outstanding as of January 1, 2019 | 7,261,675 |  |  | 23.61 |  |  | 6.4 |  | —
Granted | 1,881,068 |  |  | 28.50 |  |  | — |  |  | —
Forfeited | (85,000) |  |  | 29.91 |  |  | — |  |  | —
Expired | — |  |  | — |  | — |  |  | —
Exercised | (697,531) |  |  | 15.33 |  |  | — |  |  | 18,724 |
Outstanding as of December 31, 2019 | 8,360,212 |  |  | 25.33 |  |  | 6.5 |  | $ | 140,760 |
Vested as of December 31, 2019 and expected to vest thereafter (Note a) | 8,006,985 |  |  | 25.18 |  |  | 6.5 |  | $ | 136,017 |
Vested and exercisable as of December 31, 2019 | 3,111,039 |  |  | 19.16 |  |  | 3.4 |  | $ | 71,584 |
Weighted average grant-date fair value of options granted during the period | $ | 6.98 |  |  |  |  |  |  |
| Year ended December 31, 2020
| Shares arising out of options |  | Weighted average exercise price |  | Weighted average remaining contractual life (years) |  | Aggregate intrinsic value
Outstanding as of January 1, 2020 | 8,360,212 |  |  | $ | 25.33 |  |  | 6.5 |  | —
Granted | 431,924 |  |  | 43.94 |  |  | — |  | —
Forfeited | (752,261) |  |  | 30.09 |  |  | — |  | —
Expired | — |  |  | — |  | — |  | —
Exercised | (692,634) |  |  | 20.30 |  |  | — |  | 11,813 |
Outstanding as of December 31, 2020 | 7,347,241 |  |  | $ | 26.41 |  |  | 5.7 |  | $ | 110,925 |
Vested as of December 31, 2020 and expected to vest thereafter (Note a) | 7,132,162 |  |  | $ | 26.26 |  |  | 5.7 |  | $ | 108,671 |
Vested and exercisable as of December 31, 2020 | 2,713,405 |  |  | $ | 19.40 |  |  | 2.6 |  | $ | 59,593 |
Weighted average grant-date fair value of options granted during the period | $ | 9.72 |  |  |  |  |  |  |
| Year Ended December 31, 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 | (1,145,125) |  |  | 20.23 |  |  | — |  | 30,463 |
Outstanding as of December 31, 2021 | 8,008,296 |  |  | $ | 31.30 |  |  | 6.1 |  | $ | 174,428 |
Vested as of December 31, 2021 and expected to vest thereafter (Note a) | 7,422,919 |  |  | $ | 30.51 |  |  | 6.1 |  | $ | 167,551 |
Vested and exercisable as of December 31, 2021 | 3,117,333 |  |  | $ | 24.17 |  |  | 3.4 |  | $ | 90,117 |
Weighted average grant-date fair value of options granted during the period | $ | 11.35 |  |  |  |  |  |  |
(a) Options expected to vest after considering an estimated forfeiture rate.
Schedule of RSU activity | A summary of RSU activity during the years ended December 31, 2019, 2020 and 2021 is set out below:
| Year ended December 31, 2019
| Number of Restricted Share Units |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2019 | 1,528,999 |  |  | $ | 27.45 |
Granted | 470,939 |  |  | 37.58 |
Vested (Note b) | (672,025) |  |  | 26.84 |
Forfeited | (66,207) |  |  | 30.43 |
Outstanding as of December 31, 2019 | 1,261,706 |  |  | $ | 31.41 |
Expected to vest (Note a) | 1,149,286 |  |  |
| Year ended December 31, 2020
| Number of Restricted Share Units |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2020 | 1,261,706 |  |  | $ | 31.41 |
Granted | 296,332 |  |  | 40.40 |
Vested (Note c) | (640,212) |  |  | 28.28 |
Forfeited | (57,518) |  |  | 37.35 |
Outstanding as of December 31, 2020 | 860,308 |  |  | $ | 36.44 |
Expected to vest (Note a) | 762,877 |  |  |
18. Stock-based compensation (Continued)
| Year ended December 31, 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 d) | (501,273) |  |  | 34.41 |
Forfeited | (66,230) |  |  | 38.02 |
Outstanding as of December 31, 2021 | 759,507 |  |  | $ | 42.29 |
Expected to vest (Note a) | 654,594 |  |  |
(a)RSUs expected to vest after considering an estimated forfeiture rate. (b)637,933 RSUs that vested during the period were net settled upon vesting by issuing 521,707 shares (net of minimum statutory tax withholding). 34,092 RSUs that vested in the year ended December 31, 2019 were issued during the period ended December 31, 2021. (c)590,699 RSUs that vested during the period were net settled upon vesting by issuing 385,197 shares (net of minimum statutory tax withholding). 49,513 RSUs vested in the year ended December 31, 2020, shares in respect of which will be issued in 2022 after withholding shares to the extent of minimum statutory withholding taxes. (d)461,640 RSUs that vested during the period were net settled upon vesting by issuing 300,944 shares (net of minimum statutory tax withholding). 39,633 RSUs vested in the year ended December 31, 2021, shares in respect of which will be issued in 2022 after withholding shares to the extent of minimum statutory withholding taxes.
Schedule of Performance Units activity | A summary of PU activity during the years ended December 31, 2019, 2020 and 2021 is set out below:
| Year ended December 31, 2019
| Number of Performance Units |  | Weighted Average Grant Date Fair Value |  | Maximum Shares Eligible to Receive
Outstanding as of January 1, 2019 | 3,712,402 |  |  | $ | 28.40 |  |  | 3,712,402 |
Granted | 1,579,109 |  |  | 34.68 |  |  | 3,158,218 |
Vested (Note b) | (3,276) |  |  | 27.47 |  |  | (3,276) |
Forfeited | (248,031) |  |  | 29.04 |  |  | (278,755) |
Adjustment upon final determination of level of performance goal achievement (Note c) | 1,018,260 |  |  | 34.72 |  |  |
Adjustment upon final determination of level of performance goal achievement (Note d) |  |  |  |  | (530,125) |
Outstanding as of December 31, 2019 | 6,058,464 |  |  | $ | 31.07 |  |  | 6,058,464 |
Expected to vest (Note a) | 5,507,640 |  |  |  |  |
| Year ended December 31, 2020
| Number of Performance Units |  | Weighted Average Grant Date Fair Value |  | Maximum Shares Eligible to Receive
Outstanding as of January 1, 2020 | 6,058,464 |  |  | $ | 31.07 |  |  | 6,058,464 |
Granted | 1,253,766 |  |  | 42.49 |  |  | 2,507,532 |
Vested (Note e) | (1,496,377) |  |  | 25.21 |  |  | (1,496,377) |
Forfeited | (539,670) |  |  | 33.77 |  |  | (560,867) |
Adjustment upon final determination of level of performance goal achievement (Note f) | (399,987) |  |  | 42.60 |  |  |
Adjustment upon final determination of level of performance goal achievement (Note g) |  |  |  |  | (1,632,556) |
Outstanding as of December 31, 2020 | 4,876,196 |  |  | $ | 34.56 |  |  | 4,876,196 |
Expected to vest (Note a) | 4,573,356 |  |  |  |  |
| Year ended December 31, 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 | 1,340,877 |  |  | 44.06 |  |  | 2,681,754 |
Vested (Note h) | (1,784,140) |  |  | 30.66 |  |  | (1,784,140) |
Forfeited | (258,258) |  |  | 39.97 |  |  | (320,098) |
Adjustment upon final determination of level of performance goal achievement (Note i) | 408,480 |  |  | 43.99 |  |  |
Adjustment upon final determination of level of performance goal achievement (Note j) |  |  |  |  | (870,557) |
Outstanding as of December 31, 2021 | 4,583,155 |  |  | $ | 39.40 |  |  | 4,583,155 |
Expected to vest (Note a) | 4,263,803 |  |  |  |  |
(a)PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate. 18. Stock-based compensation (Continued) (b)PUs that vested in 2019 were net settled upon vesting by issuing 2,151 shares (net of minimum statutory tax withholding). (c)Represents a 66.67% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2019 partially offset by an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards. (d)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2019 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards. (e)Vested PUs in the year 2020 were net settled upon vesting by issuing 902,532 shares (net of minimum statutory tax withholding). (f)Represents a 32.98% decrease in the number of target shares expected to vest as a result of achievement of lower-than-target performance for PUs granted in 2020, partially offset by an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards. (g)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2020 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards. (h)1,784,140 PSUs that vested during the year 2021 were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding). (i)Represents a 31.20% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2021, partially offset by 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. (j)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2021 based on the level of achievement of the performance goals. Also includes 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.

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