Stock appreciation rights (SARs) (Tables) - Stock Appreciation Rights (SARs) [Member]

3 Months Ended

Mar. 31, 2019

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

Model Inputs
Grant Date	SARs Awarded		Exercise Price		Vesting Period	Grant Price		Dividend Yield			Risk- free rate of Return			Expected Volatility			Weighted Average Fair Value @ grant date		Average Expected Exercise Life	Valuation Method
12-Mar-14		22,118	$	13.66	3 yrs	$	13.66		2.93	%		2.06	%		56.31	%	$	4.17	4.6 - 5.0 yrs	Monte Carlo
01-Sep-14		5,595	$	13.91	3 yrs	$	13.91		2.88	%		2.20	%		53.60	%	$	4.20	4.5 - 5.0 yrs	Monte Carlo
06-Mar-15		37,797	$	10.25	3 yrs	$	10.25		3.90	%		1.90	%		61.38	%	$	2.98	4.2 - 5.0 yrs	Monte Carlo
15-Jan-16		205,519	$	9.20	3 yrs	$	9.20		6.63	%		1.79	%		58.09	%	$	2.20	4.0 - 5.0 yrs	Monte Carlo
04-Apr-18		1,719,733	$	7.40	3 yrs	$	7.40		0	%		2.51	%		40.59	%	$	2.67	4.25 yrs	Black Scholes
07-Mar-19		560,000	$	5.10	3 yrs	$	5.10		0	%		2.43	%		43.65	%	$	2.00	4.5 yrs	Black Scholes

Changes in the

SARs for the period ended March 31, 2019 are set forth below:

	No. of Units		Weighted average exercise price
Balance as at January 1, 2019		1,984,983	$	7.72
SARs granted during the three months ended March 31, 2019		560,000	$	5.10
Balance as at March 31, 2019 (none of which are exercisable or convertible)		2,544,983	$	7.15

The total cost related to non-vested awards expected to be recognized through 2022 is set forth below: