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Share-Based Payments (Tables)
12 Months Ended
Dec. 31, 2018
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, 2018 by year of grant:
 
 
 
As at December 31, 2018
 
 
 
Restricted Share Units 
RSU Holder
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited 
 
Amount
Outstanding 
2016 Grants
 
328,550

 
186,862

 
82,728

 
58,960

2017 Grants
 
200,021

 
62,433

 
37,035

 
100,553

2018 Grants
 
228,251

 

 
25,192

 
203,059

Total
 
 
 
 
 
 
 
362,572

Summary of Restricted Share Unit Activity under 2013 Share Incentive Plan
A summary of RSU activity for the twelve months ended December 31, 2018, 2017 and 2016 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
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
 
439,576

$43.22
 
530,340

$39.28
 
504,234

$40.45
Granted
 
228,251

33.22
 
200,021

49.20
 
328,550

37.63
Vested
 
(222,669
)
39.67
 
(245,704
)
39.63
 
(246,489
)
34.26
Forfeited
 
(82,586
)
40.04
 
(45,081
)
41.84
 
(55,955
)
39.51
Outstanding restricted stock, end of period
 
362,572

$38.29
 
439,576

$43.22
 
530,340

$39.28
Summary of Performance and Phantom Shares by Grant Year
The following table summarizes information about phantom shares as at December 31, 2018 by year of grant:
 
 
As at December 31, 2018
 
 
Phantom Share Awards 
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited 
 
Amount Outstanding 
2016 Grants
 
147,513

 
15,132

 
132,381

 

2017 Grants
 
173,619

 

 
131,980

 
41,639

2018 Grants
 
150,185

 

 
78,097

 
72,088

Total
 
 
 
 
 
 
 
113,727

The following table summarizes information about performance shares as at December 31, 2018 by year of grant:
 
 
As at December 31, 2018
 
 
Performance Share Awards 
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited 
 
Amount Outstanding 
2016 Grants
 
278,477

 
28,566

 
249,911

 

2017 Grants
 
216,878

 

 
163,114

 
53,764

2018 Grants
 
215,273

 

 
90,371

 
124,902

Total
 
 
 
 
 
 
 
178,666

 

Summary of Performance and Phantom Share Activity under 2013 Share Incentive Plan
A summary of performance share activity for the twelve months ended December 31, 2018, 2017 and 2016 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
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
 
208,922

$38.71
 
254,988

$36.92
 
266,424

$24.17
Granted
 
215,273

30.20
 
216,878

47.30
 
278,477

34.44
Vested
 


 


 
(87,059
)
37.30
Forfeited
 
(245,529
)
36.73
 
(262,944
)
40.32
 
(202,854
)
36.93
Outstanding performance shares, end of period
 
178,666

$38.71
 
208,922

$38.71
 
254,988

$36.92
A summary of phantom share activity for the twelve months ended December 31, 2018, 2017 and 2016 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
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
 
118,680

$38.71
 
131,464

$35.90
 
130,319

$38.75
Granted
 
150,185

30.20
 
173,619

47.30
 
147,513

34.44
Vested
 


 


 
(36,159
)
36.96
Forfeited
 
(155,138
)
35.76
 
(186,403
)
40.32
 
(110,209
)
36.96
Outstanding performance shares, end of period
 
113,727

$36.46
 
118,680

$38.71
 
131,464

$35.90
Summary of Vesting Criteria
A summary of the increases in adjusted BVPS is presented below:
Year ended December 31,
 
Increase in BVPS
2014
 
13.3
%
2015
 
10.7
%
2016
 
5.9
%
2017
 
%
2018
 
%
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, 2018.  
 
 
As at December 31, 2018
 
 
Restricted Share Units 
 
 
Amount
Granted 
 
Amount
Vested 
 
Amount
Forfeited
 
Amount
Outstanding
Non-Employee Directors
 
 
 
 
 
 
 
 
2016
 
24,456

 
21,352

 
3,104

 

2017
 
22,230

 
20,377

 
1,853

 

2018
 
29,025

 
24,187

 

 
4,838

Chairman
 
 
 
 
 
 
 
 
2016
 
10,952

 
10,952

 

 

2017
 
8,892

 
8,892

 

 

2018
 
12,900

 
10,750

 

 
2,150

Total
 
108,455

 
96,510

 
4,957

 
6,988

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, 2018, 2017 and 2016 is presented below:
 
 
 
Twelve Months Ended
 
 
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
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
 
4,816

$50.19
 
5,171

$41.07
 
6,636

$45.28
Granted
 
41,925

33.08
 
31,122

50.18
 
35,408

41.07
Vested
 
(39,753
)
35.15
 
(29,624
)
48.59
 
(33,769
)
41.89
Forfeited
 

0.00
 
(1,853
)
50.18
 
(3,104
)
41.07
Outstanding restricted stock, end of period
 
6,988

$33.08
 
4,816

$50.19
 
5,171

$41.07