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Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangements [Abstract]  
Schedule of restricted shares and DSU's rollforward
The following table reconciles the number of restricted shares, PSUs and DSUs for the year ended December 31, 2019:
 
Restricted Shares

 
PSUs (1)

 
DSUs

 
Balance, beginning of year
3,241,684

 
2,246,314

 
301,614

 
Granted
4,482,755

 
2,607,826

 
239,030

 
Redeemed
(3,504,004
)
 
(1,630,736
)
 
(220,753
)
 
Forfeited
(584,241
)
 
(302,960
)
 
—

 
Balance, end of year
3,636,194

 
2,920,444

 
319,891

 
(1)
Based on underlying units before any effect of performance multipliers.
The following table reconciles the number of restricted shares, PSUs and DSUs for the year ended December 31, 2018:
 
Restricted Shares

 
PSUs (1)

 
DSUs

 
Balance, beginning of year
3,589,024

 
4,460,046

 
229,470

 
Granted
5,219,156

 
1,238,518

 
118,999

 
Redeemed
(4,557,768
)
 
(2,839,865
)
 
(46,855
)
 
Forfeited
(1,008,728
)
 
(612,385
)
 
—

 
Balance, end of year
3,241,684

 
2,246,314

 
301,614

 

(1)
Based on underlying units before any effect of performance multipliers.
The following tables provide summary information regarding stock options outstanding as at December 31, 2019:
 
Stock Options (number of units)

 
Weighted average exercise price ($)

 
Balance, beginning of year
2,048,115

 
10.03

 
Granted
1,221,025

 
4.03

 
Forfeited
(374,673
)
 
8.94

 
Expired
(61,125
)
 
10.06

 
Balance, end of year
2,833,342

 
7.59

 


The following tables provide summary information regarding stock options outstanding as at December 31, 2018:
 
Stock Options (number of units)

 
Weighted average exercise price ($)

 
Balance, beginning of year
—

 
—

 
Granted
3,158,490

 
10.04

 
Forfeited
(1,110,375
)
 
10.06

 
Balance, end of year
2,048,115

 
10.03

 
Summarized Information Regarding Stock Options Outstanding
The following table summarizes information regarding stock options outstanding as at December 31, 2019:
Number of stock options outstanding

 
Weighted average exercise price per share for options outstanding ($)

 
Vest year
 
Weighted average remaining term (years)
 
Number of stock options exercisable

 
Weighted average exercise price per share for options exercisable ($)

 
356,698

 
10.02

 
2019
 
5.05
 
356,698

 
10.02

 
600,903

 
7.59

 
2020
 
5.54
 
—

 
—

 
549,610

 
7.55

 
2021
 
5.56
 
—

 
—

 
872,307

 
8.46

 
2022
 
5.37
 
—

 
—

 
453,824

 
4.04

 
2023
 
6.27
 
—

 
—

 
Share-based Payment Arrangements, Schedule of Assumptions Used
The Company estimates the fair value of stock options on the date of the grant using a Black-Scholes option pricing model. The following weighted average assumptions were used to estimate the fair value of the stock options at their grant date:
 
2019

 
2018

 
Grant date share price ($)
4.03

 
10.04

 
Exercise price ($)
4.03

 
10.04

 
Expected annual dividends ($)
0.04

 
0.36

 
Expected volatility (%)
40.11
%
 
35.90
%
 
Risk-free interest rate (%)
1.64
%
 
2.00
%
 
Expected life of stock option
4.9 years

 
4.9 years

 
Fair value per stock option ($)
1.36

 
2.34