XML 58 R46.htm IDEA: XBRL DOCUMENT v3.23.1
Stock-based compensation (Tables)
 3 Months Ended
Mar. 31, 2023
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 three months ended March 31, 2022. No options were granted in the three months ended March 31, 2023.
The Company granted options covering 475,695 common shares in the three months ended March 31, 2022.
Three months ended March 31, 2022
Dividend yield0.96 %
Expected life (in months)84
Risk-free rate of interest1.71 %
Volatility26.29 %
Schedule of stock option activity
A summary of stock option activity during the three months ended March 31, 2023 is set out below:
 
Three Months Ended March 31, 2023
Shares
 arising
out of options		Weighted
 average
exercise price
Weighted average
remaining
contractual life (years)
Aggregate
intrinsic
value
Outstanding as of January 1, 20237,748,11433.27 5.6— 
Granted— — — — 
Forfeited(319,646)41.06 — — 
Expired— — — — 
Exercised (642,280)19.94 — 16,882
Outstanding as of March 31, 20236,786,18834.17 5.785,463
Vested as of March 31, 2023 and expected to vest thereafter (Note a)6,418,99833.58 5.784,183
Vested and exercisable as of March 31, 20232,785,37928.04 4.050,636
Weighted average grant date fair value of grants during the period— 
 
(a)Options expected to vest reflect an estimated forfeiture rate.
Schedule of restricted share units activity A summary of RSU activity during the three months ended March 31, 2023 is set out below:
 
Three Months Ended March 31, 2023
Number of Restricted Share UnitsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 2023579,62242.97
Granted857,35443.69
Vested (Note a)(225,979)40.49 
Forfeited(37,254)42.28
Outstanding as of March 31, 20231,173,74344.00
Expected to vest (Note b)1,023,390
    
(a)225,979 RSUs vested during the three months ended March 31, 2023 in respect of which 149,158 shares (net of minimum statutory tax withholding) were issued during the three months ended March 31, 2023.
(b)The number of RSUs expected to vest reflects the application of an estimated forfeiture rate.
Schedule of significant assumptions used in determining fair value of performance units
The fair value of each 2023 PU granted to employees was estimated on the date of grant using the following valuation assumptions:

Three months ended March 31, 2023
Dividend yield1.28 %
Expected life (years)2.8
Risk-free rate for expected life 3.81 %
Volatility for expected life 24.71 %
Schedule of performance units activity
A summary of PU activity during the three months ended March 31, 2023 is set out below:
 
Three Months Ended March 31, 2023
Number of Performance UnitsWeighted Average Grant Date Fair ValueMaximum Shares Eligible to Receive
Outstanding as of January 1, 20233,570,951 44.073,570,951
Granted960,181 44.202,304,434
Vested (Note a)(645,308)42.52(645,308)
Forfeited(145,972)43.61(145,972)
Adjustment upon final determination of level of performance goal achievement (Note b)96,668 44.5096,668
Outstanding as of March 31, 20233,836,520 44.395,180,773
Expected to vest (Note c)3,356,908 
 
 
(a)645,308 PUs vested during the three months ended March 31, 2023, in respect of which 410,843 shares (net of minimum statutory tax withholding) were issued during the three months ended March 31, 2023.
(b)Represents an adjustment made in March 2023 to the number of shares subject to the PUs granted in 2022 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.