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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 28, 2019
Share-based Payment Arrangement [Abstract]  
Share-based Compensation Expense
The table below summarizes the share-based compensation expense for the years ended December 28, 2019, December 29, 2018, and December 30, 2017. Share-based compensation expense is recorded in SG&A expenses in the Consolidated Statements of Operations. As referenced below: (i) “Performance-based RSUs” represent restricted share units with performance-based vesting, (ii) “Time-based RSUs” represent restricted share units with time-based vesting, (iii) “Stock options” represent non-qualified stock options, (iv) “Director share awards” represent common shares issued in consideration of the annual board retainer fee to non-management members of our Board of Directors, and (v) the “ESPP” represents the Cott Corporation Employee Share Purchase Plan, under which common shares are issued to eligible employees at a discount through payroll deductions.

For the Year Ended
(in millions of U.S. dollars)
December 28, 2019
 
December 29, 2018
 
December 30, 2017
Stock options
$
3.3

 
$
5.3

 
$
5.5

Performance-based RSUs
5.7

 
7.0

 
12.0

Time-based RSUs
2.1

 
3.8

 
4.2

Director share awards
1.1

 
1.0

 
1.1

Employee Share Purchase Plan
0.2

 
0.3

 
0.1

Total 1
$
12.4

 
$
17.4

 
$
22.9

______________________
1
Includes $0.1 million and $5.4 million of share-based compensation expense from our discontinued operations, which were included in net income (loss) from discontinued operations, net of income taxes on the Consolidated Statements of Operations for the years ended December 29, 2018 and December 30, 2017, respectively.
Unrecognized Share-based Compensation Expense
As of December 28, 2019, the unrecognized share-based compensation expense and weighted average years over which we expect to recognize it as compensation expense were as follows:
(in millions of U.S. dollars, except years)
Unrecognized share-based compensation expense as of December 28, 2019
 
Weighted average years expected to recognize compensation
Stock options
$
5.3

 
2.1
Performance-based RSUs
6.9

 
2.4
Time-based RSUs
3.9

 
2.1
Total
$
16.1

 
Schedule of Stock Option Assumptions
The grant date fair value of each option granted during 2019, 2018 and 2017 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:

For the Year Ended

December 28, 2019
 
December 29, 2018
 
December 30, 2017
Risk-free interest rate
1.8
%
 
2.8
%
 
2.3
%
Average expected life (years)
6.0

 
5.6

 
6.0

Expected volatility
29.0
%
 
28.8
%
 
29.2
%
Expected dividend yield
1.8
%
 
1.6
%
 
1.4
%
Stock Option Activity
The following table summarizes the activity for Company stock options:

Stock Options (in thousands)
 
Weighted average exercise price
 
Weighted average contractual term (years)
 
Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2016
4,474

 
$
10.32

 
8.8
 
$
5,623.3

Granted
734

 
17.50

 

 

Exercised
(169
)
 
9.21

 

 
1,092.9

Forfeited or expired
(33
)
 
10.28

 

 

Outstanding at December 30, 2017
5,006

 
$
11.41

 
8.1
 
$
26,952.3

Granted
1,182

 
14.67

 

 

Exercised
(734
)
 
10.04

 

 
4,408.1

Forfeited or expired
(8
)
 
10.64

 

 

Outstanding at December 29, 2018
5,446

 
$
12.30

 
7.3
 
$
11,993.0

Granted
1,138

 
13.68

 

 

Exercised
(91
)
 
10.47

 

 
389.1

Forfeited or expired
—

 
—

 

 

Outstanding at December 28, 2019
6,493

 
$
12.57

 
6.9
 
$
11,045.4

Exercisable at December 28, 2019
4,336

 
$
11.64

 
5.8
 
$
11,018.6

Vested or expected to vest at December 28, 2019
6,493

 
$
12.57

 
6.9
 
$
11,045.4
Performance-based RSU and Time-Based RSU Activity The Company also granted 216,057 Time-based RSUs, which vest over three years in equal annual installments on the first, second and third anniversaries of the date of grant and include a service condition.

Number of Performance-based RSUs (in thousands)
 
Weighted Average Grant-Date Fair Value
 
Number of Time-based RSUs (in thousands)
 
Weighted Average Grant-Date Fair Value
Balance at December 31, 2016
3,063

 
$
9.89

 
800

 
$
11.10

Awarded
235

 
17.06

 
135

 
17.50

Awarded in connection with modification
64

 
11.32

 
—

 
—

Issued
(320
)
 
8.00

 
(409
)
 
10.55

Forfeited
(143
)
 
15.18

 
(24
)
 
12.28

Balance at December 30, 2017
2,899

 
$
9.15

 
502

 
$
13.14

Awarded
312

 
14.67

 
208

 
14.67

Awarded in connection with modification
246

 
9.21

 
—

 
—

Issued
(686
)
 
9.32

 
(269
)
 
13.07

Forfeited
(1,106
)
 
6.55

 
(14
)
 
13.24

Outstanding at December 29, 2018
1,665

 
$
13.90

 
427

 
$
14.23

Awarded
285

 
13.69

 
216

 
13.69

Awarded in connection with modification
190

 
11.22

 
—

 
—

Issued
(441
)
 
11.30

 
(239
)
 
13.38

Forfeited
(100
)
 
12.33

 
(7
)
 
14.89

Outstanding at December 28, 2019
1,599

 
$
14.36

 
397

 
$
14.43

Vested or expected to vest at December 28, 2019
1,594

 
$
13.30

 
397

 
$
14.43