Stock appreciation rights ("SARs") (Tables)

3 Months Ended

Mar. 31, 2016

A summary of awards, simulation inputs and outputs is as follows:

						Monte Carlo Simulation Inputs
																	Weighted
																	Average
																	Fair		Average
											Risk-free						Value		Expected
	SARs		Exercise		Vesting	Grant		Dividend			rate of			Expected			@grant		Exercise
Date	Awarded		Price		Period	Price		Yield			Return			Volatility			date		Life
01-Aug-13		1,078,125	$	14.00	5 yrs	$	14.00		2.87	%		2.15	%		54.89	%	$	4.28	4.9 - 6.0 yrs
12-Mar-14		22,118	$	13.66	3 yrs	$	13.66		2.93	%		2.06	%		56.31	%	$	4.17	4.6 - 5.0 yrs
01-Jun-14		5,595	$	13.91	3 yrs	$	13.91		2.88	%		2.20	%		53.60	%	$	4.20	4.5 - 5.0 yrs
06-Mar-15		37,797	$	10.25	3 yrs	$	10.25		3.90	%		1.90	%		61.38	%	$	2.98	4.2 - 5.0 yrs
15-Jan-16		205,519	$	9.20	3 yrs	$	9.20		6.63	%		1.79	%		58.09	%	$	2.20	4.0 – 5.0 yrs

The movement for the quarter ended March 31, 2016 is set forth below:

			Weighted average
	No. of Units		exercise price
Balance as at January 1, 2016		1,142,056	$	13.87
SARs granted during the quarter ending March 31, 2016		205,519	$	9.20
SARs exercised/converted/expired during the quarter		-		-
SARs forfeited during the quarter		-		-
Balance as at March 31, 2016 (none of which are exercisable or convertible)		1,347,575	$	13.16

The total cost related to non-vested awards expected to be recognized through 2018 is set forth below: