XML 64 R50.htm IDEA: XBRL DOCUMENT v3.3.1.900
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of compensation expense related to stock-based compensation
 
The compensation expense related to share-based compensation was as follows:
 
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Lifeco Stock Plan
 
$
1,655

 
$
3,384

 
$
2,579

Performance Share Unit Plan
 
2,320

 
6,263

 
6,860

Total compensation expense
 
$
3,975

 
$
9,647

 
$
9,439

Income tax benefits
 
$
1,143

 
$
2,404

 
$
2,732
Schedule of total unrecognized compensation expense related to stock-based compensation and the expected weighted-average period over which these expenses will be recognized
The following table presents the total unrecognized compensation expense related to share-based compensation at December 31, 2015, and the expected weighted average period over which these expenses will be recognized:
 
 
 
Expense
 
Weighted
average
period
(years)
Lifeco Stock Plan
 
$
2,238

 
1.7
Performance Share Unit Plan
 
3,585

 
1.4
Summary of status of, and changes in, the Lifeco plan options granted to employees
The following table summarizes the status of, and changes in, the Lifeco plan options granted to Company employees which are outstanding.  The options granted relate to underlying stock traded in Canadian dollars on the Toronto Stock Exchange; therefore, the amounts, which are presented in United States dollars, will fluctuate as a result of exchange rate fluctuations.
 
 
 
 
 
Weighted average
 
 
Shares
under option
 
Exercise price
(Whole dollars)
 
Remaining
contractual
term (Years)
 
Intrinsic
value (1)
Outstanding, January 1, 2015
 
3,793,658

 
$
26.49

 
 
 
 

Granted
 
714,101

 
25.74

 
 
 
 

Exercised
 
(692,756
)
 
20.39

 
 
 
 

Cancelled and expired
 
(181,660
)
 
21.95

 
 
 
 

Outstanding, December 31, 2015
 
3,633,343

 
21.68

 
5.9
 
$
13,154

Vested and expected to vest,
December 31, 2015
 
3,633,343

 
$
21.68

 
5.9
 
$
13,154

Exercisable, December 31, 2015
 
2,360,613

 
$
21.01

 
4.7
 
$
10,078

 
(1) The aggregate intrinsic value is calculated as the difference between the market price of Lifeco common shares on December 31, 2015, and the exercise price of the option (only if the result is positive) multiplied by the number of options.
Schedule of additional information regarding stock options under the Lifeco plan
The following table presents additional information regarding stock options under the Lifeco plan:
 
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Weighted average fair value of options granted
 
$
3.33

 
$
5.53

 
$
4.56

Intrinsic value of options exercised (1)
 
4,234

 
401

 
1,437

Fair value of options vested
 
1,670

 
4,491

 
1,843

 
(1) The intrinsic value of options exercised is calculated as the difference between the market price of Lifeco common shares on the date of exercise and the exercise price of the option multiplied by the number of options exercised.
Schedule of weighted average assumptions
The fair value of the options granted during was estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted average assumptions:
 
 
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
Dividend yield
 
3.66
%
 
3.95
%
 
4.53
%
Expected volatility
 
19.10
%
 
26.63
%
 
26.73
%
Risk free interest rate
 
0.90
%
 
1.75
%
 
1.38
%
Expected duration (years)
 
6.0

 
6.0

 
6.0
Summary of the status of, and changes in, the Performance Share Unit Plan units granted to employees
The following table summarizes the status of, and changes in, the Performance Share Unit Plan units granted to Company employees which are outstanding:
 
 
 
Performance
Units
Outstanding, January 1, 2015
 
521,295

Granted
 
204,864

Forfeited
 
(55,316
)
Exercised
 
(230,754
)
Outstanding, December 31, 2015
 
440,089

 
 
 

Vested and expected to vest, December 31, 2015
 
440,089