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Share-Based Payments (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Restricted Share Units by Grant Year
The following table summarizes information about RSUs as at December 31, 2017 by year of grant:
 
 
 
As at December 31, 2017
 
 
 
Restricted Share Units 
RSU Holder
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited 
 
Amount
Outstanding 
2015 Grants
 
287,852

 
173,755

 
38,886

 
75,211

2016 Grants
 
328,550

 
104,042

 
40,579

 
183,929

2017 Grants
 
200,021

 

 
19,585

 
180,436

Total
 
 
 
 
 
 
 
439,576

Summary of Restricted Share Unit Activity under 2013 Share Incentive Plan
A summary of RSUs under the Company’s 2013 Share Incentive Plan for the twelve months ended December 31, 2017, 2016 and 2015 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2017
 
December 31, 2016
 
December 31, 2015
Restricted share unit activity
 
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted
 Average Grant Date FV
Outstanding restricted stock, beginning of period
 
530,340

$39.28
 
504,234

$40.45
 
519,112

$35.82
Granted
 
200,021

49.20
 
328,550

37.63
 
287,852

39.68
Vested
 
(245,704
)
39.63
 
(246,489
)
34.26
 
(266,944
)
34.26
Forfeited
 
(45,081
)
41.84
 
(55,955
)
39.51
 
(35,786
)
39.59
Outstanding restricted stock, end of period
 
439,576

$43.22
 
530,340

$39.28
 
504,234

$40.45
Summary of Performance and Phantom Shares by Grant Year
The following table summarizes information about phantom shares as at December 31, 2017 by year of grant:
 
 
As at December 31, 2017
 
 
Phantom Share Awards 
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited 
 
Amount Outstanding 
2015 Grants
 
135,651

 
52,720

 
82,931

 

2016 Grants
 
147,513

 
15,132

 
96,978

 
35,403

2017 Grants
 
173,619

 

 
90,342

 
83,277

Total
 
 
 
 
 
 
 
118,680

The following table summarizes information about performance shares as at December 31, 2017 by year of grant:
 
 
As at December 31, 2017
 
 
Performance Share Awards 
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited 
 
Amount Outstanding 
2015 Grants
 
277,585

 
107,882

 
169,703

 

2016 Grants
 
278,477

 
28,566

 
168,224

 
81,687

2017 Grants
 
216,878

 

 
89,643

 
127,235

Total
 
 
 
 
 
 
 
208,922

 

Summary of Performance and Phantom Share Activity under 2013 Share Incentive Plan
A summary of performance share activity under the Company’s 2013 Share Incentive Plan for the twelve months ended December 31, 2017, 2016 and 2015 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2017
 
December 31, 2016
 
December 31, 2015
Performance Share Activity
 
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted
 Average Grant Date FV
Outstanding performance shares, beginning of period
 
254,988

$36.92
 
266,424

$24.17
 
268,418

$25.35
Granted
 
216,878

47.30
 
278,477

34.44
 
277,585

38.92
Vested
 


 
(87,059
)
37.30
 
(208,830
)
38.11
Forfeited
 
(262,944
)
40.32
 
(202,854
)
36.93
 
(70,749
)
30.26
Outstanding performance shares, end of period
 
208,922

$38.71
 
254,988

$36.92
 
266,424

$24.17
A summary of phantom share activity under the Company’s 2013 Share Incentive Plan for the twelve months ended December 31, 2017, 2016 and 2015 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2017
 
December 31, 2016
 
December 31, 2015
Phantom Share Activity
 
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted
 Average Grant Date FV
Outstanding performance shares, beginning of period
 
131,464

$35.90
 
130,319

$38.75
 
143,248

$35.32
Granted
 
173,619

47.30
 
147,513

34.44
 
135,651

38.92
Vested
 


 
(36,159
)
36.96
 
(151,668
)
34.98
Forfeited
 
(186,403
)
40.32
 
(110,209
)
36.96
 
3,087

35.65
Outstanding performance shares, end of period
 
118,680

$38.71
 
131,464

$35.90
 
130,319

$38.75
Summary of Vesting Criteria
A summary of the increases in adjusted BVPS is presented below:
Year ended December 31,
 
Increase in BVPS
2013
 
6.2
%
2014
 
13.3
%
2015
 
10.7
%
2016
 
5.9
%
2017
 
%
Fair Value of Employee Options Granted under ESPP
The fair value of the employee options granted under the ESPP was estimated on the date of grant using a modified Black-Scholes option pricing model under the following assumptions:
Grant Date
 
Per share
weighted
average
fair value 
 
Risk free
interest rate
 
Dividend yield 
 
Expected life 
 
Share price
volatility 
 
 
($)
 
(%)
 
(%)
 
(in years)
 
(%)
March 25, 2015
 
8.17
 
0.94

 
1.78

 
3
 
16.00

March 25, 2015
 
7.08
 
0.60

 
1.78

 
2
 
16.00

March 25, 2016
 
7.97
 
1.04

 
1.88

 
3
 
4.21

March 25, 2016
 
7.00
 
0.87

 
1.88

 
2
 
2.44

April 28, 2017
 
6.69
 
1.44

 
1.83

 
3
 
3.67

April 28, 2017
 
8.70
 
1.44

 
1.83

 
3
 
3.67

April 28, 2017
 
8.70
 
1.26

 
1.83

 
2
 
3.52

Summary of Non-Employee Director Restricted Share Units by Grant Year
The following table summarizes information about RSUs issued to non-employee directors by year of grant as at December 31, 2017.  
 
 
As at December 31, 2017
 
 
Restricted Share Units 
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited
 
Amount
Outstanding
Non-Employee Directors
 
 
 
 
 
 
 
 
2015
 
27,620

 
27,620

 

 

2016
 
24,456

 
21,352

 
3,104

 

2017
 
22,230

 
17,043

 
1,853

 
3,334

Chairman
 
 
 
 
 
 
 
 
2015
 
12,154

 
12,154

 

 

2016
 
10,952

 
10,952

 

 

2017
 
8,892

 
7,410

 

 
1,482

Total
 
106,304

 
96,531

 
4,957

 
4,816

Summary of Restricted Share Unit, Non Employee Directors, under 2013 Share Incentive Plan
A summary of RSU activity relating to non-employee directors under the Company’s 2013 Share Incentive Plan for the twelve months ended December 31, 2017, 2016 and 2015 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2017
 
December 31, 2016
 
December 31, 2015
Restricted share unit activity
 
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted 
Average Grant Date FV
 
Number of Shares
Weighted
 Average Grant Date FV
Outstanding restricted stock, beginning of period
 
5,171

$41.07
 
6,636

$45.28
 
6,806

$35.83
Granted
 
31,122

50.18
 
35,408

41.07
 
39,774

45.25
Vested
 
(29,624
)
48.59
 
(33,769
)
41.89
 
(39,944
)
43.81
Forfeited
 
(1,853
)
50.18
 
(3,104
)
41.07
 

0.00
Outstanding restricted stock, end of period
 
4,816

$50.19
 
5,171

$41.07
 
6,636

$45.28