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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-Based Payment Arrangements [Abstract] |
Changes in number and exercise prices of other equity instruments | SARs and TSARs units outstanding at December 31, 2021 and 2020 are as follows:
| SARs |  | TSARs
| Number of units | Exercise price USD |  | Number of units | Exercise price USD
Outstanding at December 31, 2019 | 857,407 |  | $ | 52.02 |  |  | 1,661,327 |  | $ | 52.55 |
Granted | 96,160 |  | 29.27 |  | 761,050 |  | 29.27
Exercised | (20,635) |  | 34.59 |  | (1,900) |  | 34.59
Cancelled | (31,660) |  | 58.13 |  | (5,967) |  | 58.38
Expired | (60,500) |  | 38.24 |  | (74,020) |  | 38.24
Outstanding at December 31, 2020 | 840,772 |  | $ | 50.61 |  |  | 2,340,490 |  | $ | 45.43 |
Granted | 39,490 |  | 38.79 |  | 338,260 |  | 38.79
Exercised | (30,151) |  | 34.06 |  | (50,623) |  | 33.89
Cancelled | (25,100) |  | 52.34 |  | (21,460) |  | 50.98
Expired | (158,755) |  | 71.10 |  |  | (226,430) |  | 73.13 |
Outstanding at December 31, 2021 | 666,256 |  | $ | 45.70 |  |  | 2,380,237 |  | $ | 42.05 |
Deferred, restricted and performance share units (old plan and new plan) outstanding as at December 31, 2021 and 2020 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, 2019 | 89,766 |  |  | 83,168 |  |  | 303,445 |  | 138,038 |
Granted | 29,393 |  |  | 154,460 |  |  | — |  | 301,090 |
Performance factor impact on redemption 1 | — |  |  | — |  |  | (117,674) |  | — |
Granted in lieu of dividends | 3,788 |  |  | 7,326 |  |  | 4,529 |  | 13,597 |
Redeemed | — |  |  | (7,713) |  |  | (39,612) |  | (1,842) |
Cancelled | — |  |  | (8,369) |  |  | (3,887) |  | (7,713) |
Outstanding at December 31, 2020 | 122,947 |  |  | 228,872 |  |  | 146,801 |  | 443,170 |
Granted | 23,384 |  |  | 132,360 |  |  | — |  | 258,970 |
Performance factor impact on redemption 1 | — |  |  | — |  |  | (110,354) |  | — |
Granted in lieu of dividends | 1,074 |  |  | 2,729 |  |  | — |  | 5,545 |
Redeemed | (13,987) |  |  | (6,103) |  |  | (36,447) |  | — |
Cancelled | — |  |  | (25,473) |  |  | — |  | (17,997) |
Outstanding at December 31, 2021 | 133,418 |  |  | 332,385 |  |  | — |  | 689,688 |
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, 2020, and the quarter ended March 31, 2021.
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, 2021 is as follows:
| Units outstanding at December 31, 2021 |  | Units exercisable at December 31, 2021
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 |  |  |  |  |  |
$29.27 to $35.51 | 2.80 | 228,520 | $ | 32.42 |  | 164,410 | $ | 33.65
$38.24 to $50.17 | 3.19 | 154,606 | 47.25 |  | 115,116 | 50.15
$54.65 to $78.59 | 1.69 | 283,130 | 55.58 |  | 274,376 | 55.52
| 2.42 | 666,256 | $ | 45.70 |  | 553,902 | $ | 47.91
TSARs |  |  |  |  |  |
$29.27 to $35.51 | 4.14 | 1,014,664 | $ | 30.64 |  | 507,288 | $ | 32.00
$38.24 to $50.17 | 4.35 | 643,244 | 44.02 |  | 297,710 | 49.94
$54.65 to $78.59 | 2.96 | 722,329 | 56.33 |  | 631,379 | 56.15
| 3.84 | 2,380,237 | $ | 42.05 |  | 1,436,377 | $ | 46.33
SARs and TSARs outstanding and exercisable by range of exercise prices | Information regarding the SARs and TSARs outstanding as at December 31, 2021 is as follows:
| Units outstanding at December 31, 2021 |  | Units exercisable at December 31, 2021
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 |  |  |  |  |  |
$29.27 to $35.51 | 2.80 | 228,520 | $ | 32.42 |  | 164,410 | $ | 33.65
$38.24 to $50.17 | 3.19 | 154,606 | 47.25 |  | 115,116 | 50.15
$54.65 to $78.59 | 1.69 | 283,130 | 55.58 |  | 274,376 | 55.52
| 2.42 | 666,256 | $ | 45.70 |  | 553,902 | $ | 47.91
TSARs |  |  |  |  |  |
$29.27 to $35.51 | 4.14 | 1,014,664 | $ | 30.64 |  | 507,288 | $ | 32.00
$38.24 to $50.17 | 4.35 | 643,244 | 44.02 |  | 297,710 | 49.94
$54.65 to $78.59 | 2.96 | 722,329 | 56.33 |  | 631,379 | 56.15
| 3.84 | 2,380,237 | $ | 42.05 |  | 1,436,377 | $ | 46.33
Weighted average assumptions of outstanding SARs and TSARs | The fair value of each outstanding SARs and TSARs grant was estimated on December 31, 2021 and 2020 using the Black-Scholes option pricing model with the following weighted average assumptions:
| 2021 | 2020
Risk-free interest rate | 0.7% | 0.1%
Expected dividend yield | 1.3% | 0.3%
Expected life of SARs and TSARs (years) | 1.7 | 1.6
Expected volatility | 51% | 60%
Expected forfeitures | 0% | 0%
Weighted average fair value (USD per share) | $ | 8.81 |  | $ | 13.36 |
Changes in stock options issued | Common shares reserved for outstanding incentive stock options as at December 31, 2021 and 2020 are as follows:
| Number of stock options | Weighted average exercise price
Outstanding at December 31, 2019 | 200,631 |  | $ | 49.07 |
Granted | 15,440 |  | 29.27 |
Exercised | (5,900) |  | 34.59 |
Cancelled | (5,600) |  | 58.96 |
Expired | (31,320) |  | 38.24 |
Outstanding at December 31, 2020 | 173,251 |  | $ | 49.44
Granted | 6,880 |  | $ | 38.79 |
Exercised | (7,300) |  | 34.59 |
Expired | (27,210) |  | 73.13 |
Outstanding at December 31, 2021 | 145,621 |  | $ | 45.25
Stock options outstanding and exercisable by range of exercise prices | Information regarding the stock options outstanding as at December 31, 2021 is as follows:
| Options outstanding at December 31, 2021 |  | Options exercisable at December 31, 2021
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 |  |  |  |  |  |
$29.27 to $35.51 | 2.27 | 56,007 |  | $ | 33.12 |  | 45,713 |  | $ | 33.99
$38.24 to $50.17 | 3.06 | 30,914 |  | 47.64 |  | 24,034 |  | 50.17
$54.65 to $78.59 | 1.68 | 58,700 |  | 55.57 |  | 56,230 |  | 55.48
| 2.20 | 145,621 |  | $ | 45.25 |  | 125,977 |  | $ | 46.67
Number and weighted average remaining contractual life of stock options outstanding and exercisable | Information regarding the stock options outstanding as at December 31, 2021 is as follows:
| Options outstanding at December 31, 2021 |  | Options exercisable at December 31, 2021
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 |  |  |  |  |  |
$29.27 to $35.51 | 2.27 | 56,007 |  | $ | 33.12 |  | 45,713 |  | $ | 33.99
$38.24 to $50.17 | 3.06 | 30,914 |  | 47.64 |  | 24,034 |  | 50.17
$54.65 to $78.59 | 1.68 | 58,700 |  | 55.57 |  | 56,230 |  | 55.48
| 2.20 | 145,621 |  | $ | 45.25 |  | 125,977 |  | $ | 46.67

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