Share-based compensation plans (Tables)

12 Months Ended

Dec. 31, 2018

Share-based compensation plans

Awards made under the 2009 plan

During the year ended December 31, 2018, 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	20,635	December 20, 2018	December 20, 2019	$0.01
Restricted shares without performance criteria	20,635	December 20, 2018	December 20, 2020	$0.01
Restricted shares without performance criteria	20,635	December 20, 2018	December 20, 2021	$0.01
Restricted shares without performance criteria	20,635	December 20, 2018	December 20, 2022	$0.01
Restricted shares without performance criteria	2,850	June 24, 2018	June 24, 2020	$0.01
Restricted shares without performance criteria	2,850	June 24, 2018	June 24, 2021	$0.01
Restricted shares without performance criteria	2,850	June 24, 2018	June 24, 2022	$0.01
Restricted shares without performance criteria	107,982	June 24, 2018	June 24, 2019	$0.01
Restricted shares without performance criteria	25,232	June 24, 2018	On retirement	$0.01
Restricted shares without performance criteria	59,100	March 24, 2018	March 24, 2019	$0.01
Restricted shares without performance criteria	59,100	March 24, 2018	March 24, 2020	$0.01
Restricted shares without performance criteria	59,100	March 24, 2018	March 24, 2021	$0.01
Restricted shares with performance criteria	342,300	March 24, 2018	March 24, 2021	$0.01
Restricted shares without performance criteria	59,100	March 24, 2018	March 24, 2022	$0.01
Restricted shares without performance criteria	7,750	January 15, 2018	January 15, 2021	$0.01
Restricted shares without performance criteria	7,750	January 15, 2018	January 15, 2022	$0.01
Restricted shares without performance criteria	510	January 1, 2018	January 1, 2019	$0.01
Restricted shares without performance criteria	510	January 1, 2018	January 1, 2020	$0.01
Restricted shares without performance criteria	510	January 1, 2018	January 1, 2021	$0.01
Restricted shares without performance criteria	510	January 1, 2018	January 1, 2022	$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 $
Outstanding — January 1, 2017	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
Exercised	(5,022	)	5.89
Forfeited, canceled or expired	(10,278	)	31.02
Outstanding — December 31, 2018	—		—
Exercisable — December 31, 2018	—		—

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, 2017	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
Granted	—		—
Exercised	(64,174	)	10.50
Forfeited, canceled or expired	(365,171	)	11.72
Outstanding — December 31, 2018	2,260,062		11.57	6.3	30,418
Exercisable — December 31, 2018	1,595,372		11.39	5.5	21,799

Schedule of options outstanding

The options outstanding under the 2009 plan at December 31, 2018 were as follows:

Exercise prices $	Outstanding at 12/31/2018	Exercisable at 12/31/2018	Remaining contractual lives in years	Exercise prices for outstanding options $	Exercise prices for exercisable options $
8.91	19,800	19,800	0.9	8.91	8.91
8.37	13,600	13,600	1.4	8.37	8.37
11.44	44,650	44,650	1.9	11.44	11.44
11.69	44,600	44,600	2.4	11.69	11.69
8.06	119,250	119,250	2.9	8.06	8.06
9.95	31,700	31,700	3.2	9.95	9.95
8.42	50,600	50,600	3.4	8.42	8.42
11.32	132,050	132,050	3.9	11.32	11.32
9.95	31,700	31,700	4.1	9.95	9.95
11.74	70,800	70,800	4.4	11.74	11.74
14.51	145,850	145,850	5.0	14.51	14.51
14.08	78,000	78,000	5.5	14.08	14.08
11.57	206,033	206,033	6.0	11.57	11.57
12.50	68,100	50,575	6.5	12.50	12.50
13.75	96,165	72,124	6.7	13.75	13.75
8.98	249,452	182,785	6.9	8.98	8.98
9.64	123,000	61,500	7.5	9.64	9.64
12.75	241,475	116,675	7.9	12.75	12.75
13.45	138,600	34,650	8.5	13.45	13.45
12.25	354,637	88,430	9.0	12.25	12.25
	2,260,062	1,595,372

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,	2018	2017	2016
Expected share price volatility	—%	27% - 34%	29% - 40%
Risk-free interest rate	—%	1.50% - 2.14%	0.76% - 1.84%
Expected annual dividends per share	$—	$—	$—
Expected life of share options	- years	2.5 - 5.5 years	2.5 - 5.5 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, 2017	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
Granted	820,544		0.01
Vested and issued	(351,077	)	0.01
Forfeited, canceled or expired	(182,183	)	0.01
Outstanding — December 31, 2018	1,559,022		0.01	39,007