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Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Share-Based Payment Arrangements [Abstract]  
Changes in number and exercise prices of other equity instruments
All SARs and TSARs granted have a maximum term of seven years with one-third vesting each year after the date of grant. SARs and TSARs units outstanding at December 31, 2018 and 2017 are as follows:
 
SARs
 
 
TSARs
 
 
 
 
 
 
 
 
Number of
units

Exercise
price USD

 
Number of
units

Exercise
price USD

Outstanding at December 31, 2016
1,511,485

$
42.68

 
2,416,111

$
42.10

Granted
167,600

50.15

 
340,200

50.17

Exercised
(213,207
)
32.03

 
(710,616
)
32.98

Cancelled
(10,801
)
50.18

 
(2,200
)
34.59

Expired
(5,000
)
25.22

 
—

—

Outstanding at December 31, 2017
1,450,077

$
45.11

 
2,043,495

$
46.62

Granted
141,300

55.28

 
330,400

55.37

Exercised
(669,931
)
39.00

 
(918,327
)
42.48

Cancelled
(16,582
)
53.12

 
(8,267
)
47.25

Expired
(7,981
)
28.74

 
—

—

Outstanding at December 31, 2018
896,883

$
51.27

 
1,447,301

$
51.24

Deferred, restricted and performance share units outstanding as at December 31, 2018 and 2017 are as follows:
 
Number of
deferred share
units

 
Number of
restricted share
units

 
Number of
performance share
units

Outstanding at December 31, 2016
251,017

 
18,649

 
572,272

Granted
10,452

 
8,100

 
163,500

Performance factor impact on redemption1
—

 
—

 
(102,557
)
Granted in lieu of dividends
5,669

 
613

 
14,383

Redeemed
(42,292
)
 
(6,907
)
 
(34,186
)
Cancelled
—

 
—

 
(8,517
)
Outstanding at December 31, 2017
224,846

 
20,455

 
604,895

Granted
7,752

 
8,700

 
149,200

Performance factor impact on redemption1
—

 
—

 
(127,733
)
Granted in lieu of dividends
4,495

 
545

 
12,303

Redeemed
(28,001
)
 
(12,339
)
 
(42,577
)
Cancelled
—

 
—

 
(16,310
)
Outstanding at December 31, 2018
209,092

 
17,361

 
579,778

1 
Performance share units have a feature where the ultimate number of units that vest are adjusted by a performance factor of the original grant as determined by the Company’s total shareholder return in relation to a predetermined target over the period to vesting. The performance factor is measured based on the weighted-average closing share price for the 90 calendar days on the NASDAQ Global Select Market immediately preceding the year end date that the performance share units vest.
Number and weighted average remaining contractual life of SARs and TSARs outstanding and exercisable
Information regarding the SARs and TSARs outstanding as at December 31, 2018 is as follows:
 
Units outstanding at December 31, 2018
 
 
Units exercisable at December 31, 2018
 
 
 
 
 
 
 
 
Range of exercise prices
Weighted average
remaining
contractual
life (years)

Number
of units
outstanding

Weighted
average
exercise
price

 
Number
of units
exercisable

Weighted
average
exercise
price

SARs






 




$25.97 to $35.51
3.96

221,309

$
34.40

 
105,955

$
34.19

$38.24 to $50.17
3.95

205,951

46.52

 
99,000

42.59

$54.65 to $78.59
3.73

469,623

61.31

 
330,923

63.83


3.84

896,883

$
51.27

 
535,878

$
54.04

TSARs






 




$25.97 to $35.51
3.99

347,839

$
34.47

 
161,261

$
34.32

$38.24 to $50.17
4.41

386,253

47.88

 
161,902

44.72

$54.65 to $78.59
4.23

713,209

61.24

 
386,109

66.20


4.22

1,447,301

$
51.24

 
709,272

$
54.05
SARs and TSARs outstanding and exercisable by range of exercise prices
Information regarding the SARs and TSARs outstanding as at December 31, 2018 is as follows:
 
Units outstanding at December 31, 2018
 
 
Units exercisable at December 31, 2018
 
 
 
 
 
 
 
 
Range of exercise prices
Weighted average
remaining
contractual
life (years)

Number
of units
outstanding

Weighted
average
exercise
price

 
Number
of units
exercisable

Weighted
average
exercise
price

SARs






 




$25.97 to $35.51
3.96

221,309

$
34.40

 
105,955

$
34.19

$38.24 to $50.17
3.95

205,951

46.52

 
99,000

42.59

$54.65 to $78.59
3.73

469,623

61.31

 
330,923

63.83


3.84

896,883

$
51.27

 
535,878

$
54.04

TSARs






 




$25.97 to $35.51
3.99

347,839

$
34.47

 
161,261

$
34.32

$38.24 to $50.17
4.41

386,253

47.88

 
161,902

44.72

$54.65 to $78.59
4.23

713,209

61.24

 
386,109

66.20


4.22

1,447,301

$
51.24

 
709,272

$
54.05
Weighted average assumptions of outstanding SARs and TSARs
The fair value of each outstanding SARs and TSARs grant was estimated on December 31, 2018 and 2017 using the Black-Scholes option pricing model with the following weighted average assumptions:
 
2018

2017

Risk-free interest rate
2.6
%
1.8
%
Expected dividend yield
2.7
%
2.0
%
Expected life of SARs and TSARs (years)
1.5

1.2

Expected volatility
35
%
31
%
Expected forfeitures
0.2
%
0.2
%
Weighted average fair value (USD per share)
$
7.93

$
19.02
Changes in stock options issued
Common shares reserved for outstanding incentive stock options as at December 31, 2018 and 2017 are as follows:
 
Number of
stock
options

Weighted
average
exercise price

Outstanding at December 31, 2016
344,767

$
40.91

Granted
31,400

50.17

Exercised
(98,274
)
30.90

Cancelled
(15,358
)
52.43

Outstanding at December 31, 2017
262,535

$
45.09

Granted
21,900

54.65

Exercised
(83,114
)
38.89

Cancelled
(3,100
)
57.26

Outstanding at December 31, 2018
198,221

$
48.55
Stock options outstanding and exercisable by range of exercise prices
Information regarding the stock options outstanding as at December 31, 2018 is as follows:  
 
Options outstanding at December 31, 2018
 
 
Options exercisable at December 31, 2018
 
 
 
 
 
 
 
 
Range of exercise prices
Weighted
average
remaining
contractual
life (years)
Number of
stock
options
outstanding

Weighted
average
exercise
price

 
Number of
stock
options
exercisable

Weighted
average
exercise
price

Options
 
 
 
 
 
 
$25.97 to $35.51
3.98
56,467

$
34.45

 
35,831

$
34.37

$38.24 to $50.17
3.01
57,754

43.70

 
39,351

40.67

$54.65 to $78.59
3.61
84,000

61.37

 
62,100

63.74

 
3.54
198,221

$
48.55

 
137,282

$
49.46
Number and weighted average remaining contractual life of stock options outstanding and exercisable
Information regarding the stock options outstanding as at December 31, 2018 is as follows:  
 
Options outstanding at December 31, 2018
 
 
Options exercisable at December 31, 2018
 
 
 
 
 
 
 
 
Range of exercise prices
Weighted
average
remaining
contractual
life (years)
Number of
stock
options
outstanding

Weighted
average
exercise
price

 
Number of
stock
options
exercisable

Weighted
average
exercise
price

Options
 
 
 
 
 
 
$25.97 to $35.51
3.98
56,467

$
34.45

 
35,831

$
34.37

$38.24 to $50.17
3.01
57,754

43.70

 
39,351

40.67

$54.65 to $78.59
3.61
84,000

61.37

 
62,100

63.74

 
3.54
198,221

$
48.55

 
137,282

$
49.46