Share-based compensation plans (Tables)

12 Months Ended

Dec. 31, 2016

Share-based compensation plans

Awards made under the 2009 plan

During 2016, the following awards were made under the 2009 share award and incentive plan on the following dates. Estimates of fair values of share options and deferred shares with and without performance criteria were made using the Black-Scholes options pricing model.

2009 share award and incentive plan	Class A common shares	Date granted	Vesting date	Exercise price	Expected share price volatility	Risk-free interest rate	Expected dividends per share	Expected life of awards
Share options	81,925	December 4, 2016	December 4, 2017	$12.75	29%	1.40%	$—	2.5 years
Share options	81,925	December 4, 2016	December 4, 2018	$12.75	30%	1.40%	$—	3.5 years
Share options	81,925	December 4, 2016	December 4, 2019	$12.75	34%	1.84%	$—	4.5 years
Share options	81,925	December 4, 2016	December 4, 2020	$12.75	40%	1.84%	$—	5.5 years
Share options	47,650	June 24, 2016	June 24, 2017	$9.64	29%	0.76%	$—	2.5 years
Share options	47,650	June 24, 2016	June 24, 2018	$9.64	30%	0.76%	$—	3.5 years
Share options	47,650	June 24, 2016	June 24, 2019	$9.64	34%	1.08%	$—	4.5 years
Share options	47,650	June 24, 2016	June 24, 2020	$9.64	39%	1.08%	$—	5.5 years

During the year ended December 31, 2016, the following deferred and restricted share awards were made under the 2009 share award and incentive plan on the following dates:

2009 share award and incentive plan	Class A common shares	Date granted	Vesting date	Purchase price
Deferred shares without performance criteria	3,287	August 1, 2016	August 1, 2017	$0.01
Deferred shares without performance criteria	3,287	August 1, 2016	August 1, 2018	$0.01
Deferred shares without performance criteria	3,286	August 1, 2016	August 1, 2019	$0.01
Deferred shares without performance criteria	3,286	August 1, 2016	August 1, 2020	$0.01
Restricted shares without performance criteria	81,551	June 24, 2016	June 24, 2017	$0.01
Restricted shares without performance criteria	61,164	June 24, 2016	On retirement	$0.01
Restricted shares without performance criteria	43,625	March 18, 2016	March 18, 2017	$0.01
Restricted shares without performance criteria	43,625	March 18, 2016	March 18, 2018	$0.01
Restricted shares without performance criteria	43,625	March 18, 2016	March 18, 2019	$0.01
Restricted shares without performance criteria	43,625	March 18, 2016	March 18, 2020	$0.01
Deferred shares with performance criteria	293,900	March 18, 2016	March 18, 2019	$0.01

Class A common shares | Share options | 2004 stock option plans

Share-based compensation plans

Schedule of share option transactions during the period

Details of share option transactions under the 2004 stock option plan are as follows:

	Number of shares subject to options		Weighted average exercise price $	Weighted average remaining contractual life in years	Aggregate intrinsic value $’000
Outstanding — January 1, 2015	216,350		30.45
Exercised	(29,262	)	5.89
Forfeited, canceled or expired	(101,438	)	32.59
Outstanding — December 31, 2015	85,650		36.30
Exercised	(2,548	)	5.89
Forfeited, canceled or expired	(16,752	)	27.75
Outstanding — December 31, 2016	66,350		39.63	1.2	116
Exercisable — December 31, 2016	66,350		39.63	1.2	116

Schedule of options outstanding

The options outstanding under the 2004 plans at December 31, 2016 were as follows:

Exercise prices $	Outstanding at 12/31/2016	Exercisable at 12/31/2016	Remaining contractual lives in years	Exercise prices for outstanding options $	Exercise prices for exercisable options $
5.89	15,600	15,600	1.9	5.89	5.89
35.85	6,550	6,550	1.7	35.85	35.85
46.08	5,550	5,550	1.4	46.08	46.08
51.90	4,950	4,950	1.2	51.90	51.90
52.51	27,250	27,250	0.7	52.51	52.51
52.51	1,050	1,050	0.2	52.51	52.51
52.59	2,350	2,350	0.4	52.59	52.59
59.23	3,050	3,050	0.9	59.23	59.23
	66,350	66,350

Class A common shares | Share options | 2009 share award and incentive plan

Share-based compensation plans

Schedule of share option transactions during the period

Transactions relating to share options under the 2009 plan have been as follows:

	Number of shares subject to options		Weighted average exercise price $	Weighted average remaining contractual life in years	Aggregate intrinsic value $’000
Outstanding — January 1, 2015	3,089,633		11.20
Granted	759,474		10.48
Exercised	(100,262	)	8.60
Forfeited, canceled or expired	(1,045,888	)	11.51
Outstanding — December 31, 2015	2,702,957		10.97
Granted	518,300		11.61
Exercised	(59,833	)	9.35
Forfeited, canceled or expired	(516,935	)	10.77
Outstanding — December 31, 2016	2,644,489		11.17	7.3	6,175
Exercisable — December 31, 2016	1,347,734		10.91	5.8	3,592

Schedule of options outstanding

The options outstanding under the 2009 plan at December 31, 2016 were as follows:

Exercise prices $	Outstanding at 12/31/2016	Exercisable at 12/31/2016	Remaining contractual lives in years	Exercise prices for outstanding options $	Exercise prices for exercisable options $
8.38	28,600	28,600	2.4	8.38	8.38
8.91	45,700	45,700	2.9	8.91	8.91
8.37	42,200	42,200	3.4	8.37	8.37
11.44	85,550	85,550	3.9	11.44	11.44
11.69	65,100	65,100	4.4	11.69	11.69
8.06	181,750	181,750	4.9	8.06	8.06
9.95	31,700	31,700	5.2	9.95	9.95
8.42	115,500	115,500	5.4	8.42	8.42
11.32	198,350	198,350	5.9	11.32	11.32
9.95	31,700	31,700	6.1	9.95	9.95
11.74	103,800	103,800	6.4	11.74	11.74
14.51	242,950	242,950	7.0	14.51	14.51
14.08	127,100	23,000	7.5	14.08	14.08
11.57	286,183	—	8.0	11.57	—
12.50	96,169	30,919	8.5	12.50	12.50
13.75	96,165	24,041	8.7	13.75	13.75
8.98	375,072	96,874	8.9	8.98	8.98
9.64	163,200	—	9.5	9.64	—
12.75	327,700	—	9.9	12.75	—
	2,644,489	1,347,734

Schedule of assumptions used to determine estimated fair value of stock options

Estimates of the fair value of the share options on the grant date using the Black-Scholes options pricing model were based on the following assumptions:

Year ended December 31,	2016	2015	2014
Expected share price volatility	29% - 40%	28% - 58%	45% - 46%
Risk-free interest rate	0.76% - 1.84%	0.65% - 1.83%	1.53% - 1.71%
Expected annual dividends per share	$—	$—	$—
Expected life of share options	2.5 - 5.5 years	2.5 - 6.9 years	4.5 years

Class A common shares | Deferred shares | 2009 share award and incentive plan

Share-based compensation plans

Schedule of awards transactions during the period

Transactions relating to deferred shares and restricted shares under the 2009 plan have been as follows:

	Number of shares subject to awards		Weighted average exercise price $	Aggregate intrinsic value $'000
Outstanding — January 1, 2015	1,851,309		0.01
Granted	653,787		0.01
Vested and issued	(535,407	)	0.01
Forfeited, canceled or expired	(807,502	)	0.01
Outstanding — December 31, 2015	1,162,187		0.01
Granted	624,261		0.01
Vested and issued	(331,299	)	0.01
Forfeited, canceled or expired	(261,374	)	0.01
Outstanding — December 31, 2016	1,193,775		0.01	15,925