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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangements [Abstract] |
Changes in number and exercise prices of other equity instruments | SARs and TSARs units outstanding at December 31, 2023 and 2022 are as follows:
| SARs |  | TSARs
| Number of units | Exercise price USD |  | Number of units | Exercise price USD
Outstanding at December 31, 2021 | 666,256 |  | $ | 45.70 |  |  | 2,380,237 |  | $ | 42.05 |
Granted | 32,730 |  | 48.49 |  | 266,090 |  | 48.49
Exercised | (129,162) |  | 37.17 |  | (290,577) |  | 35.94
Cancelled | (12,900) |  | 55.70 |  | (21,922) |  | 46.45
Expired | (149,237) |  | 55.66 |  | (145,469) |  | 55.82
Outstanding at December 31, 2022 | 407,687 |  | $ | 44.67 |  |  | 2,188,359 |  | $ | 42.68 |
Granted | 51,160 |  | 50.49 |  | 169,190 |  | 50.49
Exercised | (50,715) |  | 33.85 |  | (336,535) |  | 31.88
Cancelled | (5,600) |  | 53.69 |  |  | (13,544) |  | 51.36 |
Outstanding at December 31, 2023 | 402,532 |  | $ | 46.65 |  |  | 2,007,470 |  | $ | 45.10 |
Deferred, restricted and performance share units (old plan and new plan) outstanding as at December 31, 2023 and 2022 are as follows:
| Number of deferred share units |  | Number of restricted share units |  |  | Number of performance share units (new plan)
Outstanding at December 31, 2021 | 133,418 |  |  | 332,385 |  |  |  | 689,688 |
Granted | 19,909 |  |  | 104,810 |  |  |  | 199,430 |
Performance factor impact on redemption 1 | — |  |  | — |  |  |  | (14,796) |
Granted in lieu of dividends | 2,434 |  |  | 5,561 |  |  |  | 11,764 |
Redeemed | — |  |  | (82,039) |  |  |  | (119,714) |
Cancelled | — |  |  | (19,788) |  |  |  | (21,485) |
Outstanding at December 31, 2022 | 155,761 |  |  | 340,929 |  |  |  | 744,887 |
Granted | 18,417 |  |  | 104,980 |  |  |  | 179,340 |
Performance factor impact on redemption 1 | — |  |  | — |  |  |  | 143,065 |
Granted in lieu of dividends | 2,484 |  |  | 5,267 |  |  |  | 10,411 |
Redeemed | (18,962) |  |  | (131,398) |  |  |  | (435,035) |
Cancelled | — |  |  | (8,924) |  |  |  | (11,546) |
Outstanding at December 31, 2023 | 157,700 |  |  | 310,854 |  |  |  | 631,122 |
1 Performance share units 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, 2023 and the quarter ended March 31, 2022.
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, 2023 is as follows:
| Units outstanding at December 31, 2023 |  | Units exercisable at December 31, 2023
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 $38.79 | 3.52 | 112,962 | $ | 32.60 |  | 99,800 | $ | 31.78
$45.40 to $50.49 | 2.93 | 171,010 | 49.93 |  | 98,029 | 49.96
$54.65 to $78.59 | 1.39 | 118,560 | 55.30 |  | 118,560 | 55.30
| 2.64 | 402,532 | $ | 46.65 |  | 316,389 | $ | 46.23
TSARs |  |  |  |  |  |
$29.27 to $38.79 | 3.57 | 776,194 | $ | 33.05 |  | 666,922 | $ | 32.11
$45.40 to $50.49 | 3.65 | 673,316 | 49.55 |  | 330,265 | 49.62
$54.65 to $78.59 | 1.66 | 557,960 | 56.48 |  | 557,960 | 56.48
| 3.07 | 2,007,470 | $ | 45.10 |  | 1,555,147 | $ | 44.57
SARs and TSARs outstanding and exercisable by range of exercise prices | Information regarding the SARs and TSARs outstanding as at December 31, 2023 is as follows:
| Units outstanding at December 31, 2023 |  | Units exercisable at December 31, 2023
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 $38.79 | 3.52 | 112,962 | $ | 32.60 |  | 99,800 | $ | 31.78
$45.40 to $50.49 | 2.93 | 171,010 | 49.93 |  | 98,029 | 49.96
$54.65 to $78.59 | 1.39 | 118,560 | 55.30 |  | 118,560 | 55.30
| 2.64 | 402,532 | $ | 46.65 |  | 316,389 | $ | 46.23
TSARs |  |  |  |  |  |
$29.27 to $38.79 | 3.57 | 776,194 | $ | 33.05 |  | 666,922 | $ | 32.11
$45.40 to $50.49 | 3.65 | 673,316 | 49.55 |  | 330,265 | 49.62
$54.65 to $78.59 | 1.66 | 557,960 | 56.48 |  | 557,960 | 56.48
| 3.07 | 2,007,470 | $ | 45.10 |  | 1,555,147 | $ | 44.57
Weighted average assumptions of outstanding SARs and TSARs | The fair value of each outstanding SARs and TSARs grant was estimated on December 31, 2023 and 2022 using the Black-Scholes option pricing model with the following weighted average assumptions:
| 2023 | 2022
Risk-free interest rate | 4.5% | 4.4%
Expected dividend yield | 1.6% | 1.9%
Expected life of SARs and TSARs (years) | 1.4 | 1.8
Expected volatility | 38% | 51%
Expected forfeitures | 0% | 0%
Weighted average fair value (USD per unit) | $ | 10.75 |  | $ | 8.72 |

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