12. Share-Based Compensation Plans

Options

No stock options were awarded during the quarters ended September 30, 2015 and 2014. No unvested stock options were forfeited during the quarter ended September 30, 2015. Unvested stock options of 75,000 were forfeited during the quarter ended September 30, 2014.

During the nine months ended September 30, 2015, the company awarded 200,000 time based options with a strike price of $28.37 per share which vest one third on each of December 31, 2015, December 31, 2016, and December 31, 2017. During the nine months ended September 30, 2014, the company awarded 25,000 time based options with a strike price of $24.00 per share which vest in February, 2017. Unvested stock options of 75,000, which include the 25,000 shares issued during the nine months ended September 30, 2014, were forfeited during the nine months ended September 30, 2014.

Restricted Shares

No restricted shares were issued to employees during the quarter ended September 30, 2015 and 2014.

During the nine months ended September 30, 2015, the Company issued 138,507 A ordinary shares, with a weighted average grant date value of $28.37 per share, to key employees under the Plan.

Of the shares issued during the nine months ended September 30, 2015, 10,574 were issued to the Company’s Chief Executive Officer and vest 33 1/3 on each subsequent anniversary date of the grant for a period of three years subject to an accident year true-up of bonus year underwriting results as of the third anniversary of the grant and an additional 44,058 were issued to the Company’s Chief Executive Officer and other key employees which vest 100% on January 1, 2018. The remaining 83,875 shares were issued to key employees and will vest as follows:

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16.5%, 16.5%, and 17.0% of the granted stock vest on the first, second, and third anniversary of the grant, respectively.

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50% of granted stock vests 100% on the anniversary of the third year subject to accident year true-up of bonus year underwriting results and are subject to Board approval.

During the nine months ended September 30, 2014, the Company issued 95,694 A ordinary shares, with a weighted average grant date value of $25.37 per share, to key employees under the 2014 Plan. Of the shares issued in 2014, 11,857 were granted to the Company’s Chief Executive Officer and vest 33 1/3 on each subsequent anniversary date of the grant for a period of three years subject to an accident year true-up of bonus year underwriting results as of the third anniversary of the grant. 5,671 were issued to a key employee and vest 33 1/3% on each subsequent anniversary date of the award for a period of three years. The remaining 78,166 shares were issued to key employees and will vest as follows:

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16.5%, 16.5%, and 17.0% of the granted stock vest on the first, second, and third anniversary of the grant, respectively.

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50% of granted stock vests 100% on the anniversary of the third year subject to accident year true-up of bonus year underwriting results and are subject to Board approval.

During the quarters ended September 30, 2015 and 2014, the Company issued 9,392 and 9,498 A ordinary shares, respectively, at a weighted average grant date value of $26.17 and $25.23 per share, respectively, to non-employee directors of the Company under the Plan. During the nine months ended September 30, 2015 and 2014, the Company issued 27,437 and 27,676 A ordinary shares, respectively, at a weighted average grant date value of $27.31 and $25.84 per share, respectively, to non-employee directors of the Company under the Plan. All of the shares issued to non-employee directors of the Company in 2015 and 2014 were fully vested but subject to certain restrictions. An additional 18,838 A ordinary shares were granted to non-employee directors on June 11, 2014. These shares were issued to non-employee directors prior to January 1, 2014 on the condition that the shareholders approve the Company’s revised share incentive plan at the Company’s 2014 annual shareholder meeting which occurred on June 11, 2014.