Share-based compensation plans (Tables)

12 Months Ended

Dec. 31, 2017

Awards made under the 2009 plan

During 2017, 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	104,425	December 9, 2017	December 9, 2018	$12.25	27%	1.92%	$—	2.5 years
Share options	104,425	December 9, 2017	December 9, 2019	$12.25	27%	1.92%	$—	3.5 years
Share options	104,425	December 9, 2017	December 9, 2020	$12.25	28%	2.14%	$—	4.5 years
Share options	104,425	December 9, 2017	December 9, 2021	$12.25	31%	2.14%	$—	5.5 years
Share options	40,900	June 11, 2017	June 11, 2018	$13.45	29%	1.50%	$—	2.5 years
Share options	40,900	June 11, 2017	June 11, 2019	$13.45	29%	1.50%	$—	3.5 years
Share options	40,900	June 11, 2017	June 11, 2020	$13.45	30%	1.77%	$—	4.5 years
Share options	40,900	June 11, 2017	June 11, 2021	$13.45	34%	1.77%	$—	5.5 years

During the year ended December 31, 2017, 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

Restricted shares without performance criteria	56,390	June 11, 2017	June 11, 2018	$0.01
Restricted shares without performance criteria	48,872	June 11, 2017	June 11, 2020	$0.01
Restricted shares without performance criteria	11,278	June 11, 2017	On retirement	$0.01
Restricted shares without performance criteria	34,450	March 17, 2017	March 17, 2018	$0.01
Restricted shares without performance criteria	34,450	March 17, 2017	March 17, 2019	$0.01
Restricted shares without performance criteria	117,231	March 17, 2017	March 17, 2020	$0.01
Restricted shares without performance criteria	34,450	March 17, 2017	March 17, 2021	$0.01
Restricted shares with performance criteria	228,500	March 17, 2017	March 17, 2020	$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, 2016	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
Exercised	(3,907	)	5.89
Forfeited, canceled or expired	(47,143	)	47.90

Outstanding — December 31, 2017	15,300		15.99	0.7	54

Exercisable — December 31, 2017	15,300		15.99	0.7	54

Schedule of options outstanding

The options outstanding under the 2004 plans at December 31, 2017 were as follows:



Exercise prices $	Outstanding at 12/31/2017	Exercisable at 12/31/2017	Remaining contractual lives in years	Exercise prices for outstanding options $	Exercise prices for exercisable options $

5.89	8,500	8,500	0.9	5.89	5.89
35.85	2,600	2,600	0.7	35.85	35.85
46.08	2,200	2,200	0.4	46.08	46.08
51.90	2,000	2,000	0.2	51.90	51.90

	15,300	15,300

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, 2016	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
Granted	581,300		12.59
Exercised	(107,552	)	8.76
Forfeited, canceled or expired	(428,830	)	11.22

Outstanding — December 31, 2017	2,689,407		10.75	7.3	2,940

Exercisable — December 31, 2017	1,516,388		11.34	6.0	2,087

Schedule of options outstanding

The options outstanding under the 2009 plan at December 31, 2017 were as follows:



Exercise prices $	Outstanding at 12/31/2017	Exercisable at 12/31/2017	Remaining contractual lives in years	Exercise prices for outstanding options $	Exercise prices for exercisable options $


8.91	24,800	24,800	1.9	8.91	8.91
8.37	13,600	13,600	2.4	8.37	8.37
11.44	54,650	54,650	2.9	11.44	11.44
11.69	44,600	44,600	3.4	11.69	11.69
8.06	132,250	132,250	3.9	8.06	8.06
9.95	31,700	31,700	4.2	9.95	9.95
8.42	50,600	50,600	4.4	8.42	8.42
11.32	152,050	152,050	4.9	11.32	11.32
9.95	31,700	31,700	5.1	9.95	9.95
11.74	82,800	82,800	5.4	11.74	11.74
14.51	184,450	184,450	6.0	14.51	14.51
14.08	97,100	97,100	6.5	14.08	14.08
11.57	251,083	251,083	7.0	11.57	11.57
12.50	79,000	39,650	7.5	12.50	12.50
13.75	96,165	48,083	7.7	13.75	13.75
8.98	332,709	163,493	7.9	8.98	8.98
9.64	152,900	38,225	8.5	9.64	9.64
12.75	301,450	75,554	8.9	12.75	12.75
13.45	159,100	—	9.5	13.45	—
12.25	416,700	—	10.0	12.25	—

	2,689,407	1,516,388

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,	2017	2016	2015

Expected share price volatility	27% - 34%	29% - 40%	28% - 58%
Risk-free interest rate	1.50% - 2.14%	0.76% - 1.84%	0.65% - 1.83%
Expected annual dividends per share	$—	$—	$—
Expected life of share options	2.5 - 5.5 years	2.5 - 5.5 years	2.5 - 6.9 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, 2016	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
Granted	565,621		0.01
Vested and issued	(334,958	)	0.01
Forfeited, canceled or expired	(152,700	)	0.01

Outstanding — December 31, 2017	1,271,738		0.01	15,566