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v3.20.1

Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-Based Payment Arrangements [Abstract] |
Changes in number and exercise prices of other equity instruments | Deferred, restricted and performance share units (old plan and new plan) outstanding as at December 31, 2019 and 2018 are as follows:
| Number of deferred share units |  |  | Number of restricted share units |  |  | Number of performance share units (old plan) |  | Number of performance share units (new plan) |
Outstanding at December 31, 2017 | 224,846 |  |  | 20,455 |  |  | 604,895 |  | — |
Granted | 7,752 |  |  | 8,700 |  |  | 149,200 |  | — |
Performance factor impact on redemption 1 | — |  |  | — |  |  | (127,733 | ) | — |
Granted in lieu of dividends | 4,495 |  |  | 545 |  |  | 12,303 |  | — |
Redeemed | (28,001 | ) |  | (12,339 | ) |  | (42,577 | ) | — |
Cancelled | — |  |  | — |  |  | (16,310 | ) | — |
Outstanding at December 31, 2018 | 209,092 |  |  | 17,361 |  |  | 579,778 |  | — |
Granted | 14,158 |  |  | 79,240 |  |  | — |  | 134,930 |
Performance factor impact on redemption 1 | — |  |  | — |  |  | 132,215 |  | — |
Granted in lieu of dividends | 4,031 |  |  | 2,840 |  |  | 9,909 |  | 4,464 |
Redeemed | (137,515 | ) |  | (15,428 | ) |  | (396,635 | ) | — |
Cancelled | — |  |  | (845 | ) |  | (21,822 | ) | (1,356 | )
Outstanding at December 31, 2019 | 89,766 |  |  | 83,168 |  |  | 303,445 |  | 138,038 |
1 | Performance share units granted prior to 2019 have a feature where the ultimate number of units that vest are adjusted by a performance factor of the original grant as determined by the Company's total shareholder return in relation to a predetermined target over the period to vesting. These units relate to performance share units redeemed in the quarter ended March 31, 2018 and March 31, 2019.
All SARs and TSARs granted have a maximum term of seven years with one-third vesting each year after the date of grant. SARs and TSARs units outstanding at December 31, 2019 and 2018 are as follows:
| SARs |  |  | TSARs |
| Number of units |  | Exercise price USD |  |  | Number of units |  | Exercise price USD |
Outstanding at December 31, 2017 | 1,450,077 |  | $ | 45.11 |  |  | 2,043,495 |  | $ | 46.62 |
Granted | 141,300 |  | 55.28 |  |  | 330,400 |  | 55.37 |
Exercised | (669,931 | ) | 39.00 |  |  | (918,327 | ) | 42.48 |
Cancelled | (16,582 | ) | 53.12 |  |  | (8,267 | ) | 47.25 |
Expired | (7,981 | ) | 28.74 |  |  | — |  | — |
Outstanding at December 31, 2018 | 896,883 |  | $ | 51.27 |  |  | 1,447,301 |  | $ | 51.24 |
Granted | 29,320 |  | 57.60 |  |  | 294,680 |  | 56.70 |
Exercised | (39,662 | ) | 37.25 |  |  | (45,769 | ) | 37.08 |
Cancelled | (29,134 | ) | 54.72 |  |  | (34,885 | ) | 53.38 |
Outstanding at December 31, 2019 | 857,407 |  | $ | 52.02 |  |  | 1,661,327 |  | $ | 52.55 |
Number and weighted average remaining contractual life of SARs and TSARs outstanding and exercisable | Information regarding the SARs and TSARs outstanding as at December 31, 2019 is as follows:
| Units outstanding at December 31, 2019 |  |  | Units exercisable at December 31, 2019 |
Range of exercise prices | Weighted average remaining contractual life (years) | Number of units outstanding |  | Weighted average exercise price |  |  | Number of units exercisable |  | Weighted average exercise price |
SARs |  |  |  |  |  |  |  |  |  |
$25.97 to $35.51 | 3.17 | 186,980 |  | $ | 34.59 |  |  | 186,980 |  | $ | 34.59 |
$38.24 to $50.17 | 2.91 | 191,684 |  | 46.39 |  |  | 141,597 |  | 45.07 |
$54.65 to $78.59 | 2.91 | 478,743 |  | 61.08 |  |  | 362,759 |  | 62.73 |
| 2.97 | 857,407 |  | $ | 52.02 |  |  | 691,336 |  | $ | 51.50 |
TSARs |  |  |  |  |  |  |  |  |  |
$25.97 to $35.51 | 3.17 | 308,837 |  | $ | 34.59 |  |  | 308,837 |  | $ | 34.59 |
$38.24 to $50.17 | 3.52 | 386,471 |  | 47.62 |  |  | 263,269 |  | 46.82 |
$54.65 to $78.59 | 4.06 | 966,019 |  | 60.27 |  |  | 482,156 |  | 63.91 |
| 3.77 | 1,661,327 |  | $ | 52.55 |  |  | 1,054,262 |  | $ | 51.05 |
SARs and TSARs outstanding and exercisable by range of exercise prices | Information regarding the SARs and TSARs outstanding as at December 31, 2019 is as follows:
| Units outstanding at December 31, 2019 |  |  | Units exercisable at December 31, 2019 |
Range of exercise prices | Weighted average remaining contractual life (years) | Number of units outstanding |  | Weighted average exercise price |  |  | Number of units exercisable |  | Weighted average exercise price |
SARs |  |  |  |  |  |  |  |  |  |
$25.97 to $35.51 | 3.17 | 186,980 |  | $ | 34.59 |  |  | 186,980 |  | $ | 34.59 |
$38.24 to $50.17 | 2.91 | 191,684 |  | 46.39 |  |  | 141,597 |  | 45.07 |
$54.65 to $78.59 | 2.91 | 478,743 |  | 61.08 |  |  | 362,759 |  | 62.73 |
| 2.97 | 857,407 |  | $ | 52.02 |  |  | 691,336 |  | $ | 51.50 |
TSARs |  |  |  |  |  |  |  |  |  |
$25.97 to $35.51 | 3.17 | 308,837 |  | $ | 34.59 |  |  | 308,837 |  | $ | 34.59 |
$38.24 to $50.17 | 3.52 | 386,471 |  | 47.62 |  |  | 263,269 |  | 46.82 |
$54.65 to $78.59 | 4.06 | 966,019 |  | 60.27 |  |  | 482,156 |  | 63.91 |
| 3.77 | 1,661,327 |  | $ | 52.55 |  |  | 1,054,262 |  | $ | 51.05 |
Weighted average assumptions of outstanding SARs and TSARs | The fair value of each outstanding SARs and TSARs grant was estimated on December 31, 2019 and 2018 using the Black-Scholes option pricing model with the following weighted average assumptions:
| 2019 |  | 2018 |
Risk-free interest rate | 1.6 | % | 2.6 | %
Expected dividend yield | 3.7 | % | 2.7 | %
Expected life of SARs and TSARs (years) | 1.2 |  | 1.5 |
Expected volatility | 38 | % | 35 | %
Expected forfeitures | 0.1 | % | 0.2 | %
Weighted average fair value (USD per share) | $ | 3.03 |  | $ | 7.93 |
Changes in stock options issued | Common shares reserved for outstanding incentive stock options as at December 31, 2019 and 2018 are as follows:
| Number of stock options |  | Weighted average exercise price |
Outstanding at December 31, 2017 | 262,535 |  | $ | 45.09 |
Granted | 21,900 |  | 54.65 |
Exercised | (83,114 | ) | 38.89 |
Cancelled | (3,100 | ) | 57.26 |
Outstanding at December 31, 2018 | 198,221 |  | $ | 48.55 |
Granted | 7,410 |  | 57.60 |
Exercised | (2,700 | ) | 31.73 |
Cancelled | (2,300 | ) | 52.31 |
Outstanding at December 31, 2019 | 200,631 |  | $ | 49.07 |
Stock options outstanding and exercisable by range of exercise prices | Information regarding the stock options outstanding as at December 31, 2019 is as follows:
| Options outstanding at December 31, 2019 |  |  | Options exercisable at December 31, 2019 |
Range of exercise prices | Weighted average remaining contractual life (years) | Number of stock options outstanding |  | Weighted average exercise price |  |  | Number of stock options exercisable |  | Weighted average exercise price |
Options |  |  |  |  |  |
$25.97 to $35.51 | 3.17 | 53,767 |  | $ | 34.59 |  |  | 53,767 |  | $ | 34.59 |
$38.24 to $50.17 | 1.96 | 56,554 |  | 43.56 |  |  | 47,751 |  | 42.35 |
$54.65 to $78.59 | 2.88 | 90,310 |  | 61.14 |  |  | 69,033 |  | 62.82 |
| 2.70 | 200,631 |  | $ | 49.07 |  |  | 170,551 |  | $ | 48.19 |
Number and weighted average remaining contractual life of stock options outstanding and exercisable | Information regarding the stock options outstanding as at December 31, 2019 is as follows:
| Options outstanding at December 31, 2019 |  |  | Options exercisable at December 31, 2019 |
Range of exercise prices | Weighted average remaining contractual life (years) | Number of stock options outstanding |  | Weighted average exercise price |  |  | Number of stock options exercisable |  | Weighted average exercise price |
Options |  |  |  |  |  |
$25.97 to $35.51 | 3.17 | 53,767 |  | $ | 34.59 |  |  | 53,767 |  | $ | 34.59 |
$38.24 to $50.17 | 1.96 | 56,554 |  | 43.56 |  |  | 47,751 |  | 42.35 |
$54.65 to $78.59 | 2.88 | 90,310 |  | 61.14 |  |  | 69,033 |  | 62.82 |
| 2.70 | 200,631 |  | $ | 49.07 |  |  | 170,551 |  | $ | 48.19 |

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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's other equity instruments (ie other than share options). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2019-01-01 -Paragraph 47 -Subparagraph b -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2019-en-r&anchor=para_47_b&doctype=Standard -URIDate 2019-03-27 + Details
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