Share-based awards

3 Months Ended

Mar. 31, 2016

Share-based Awards [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

6. Share-Based Awards

In accordance with the Company’s share-based award plans and the Merger Agreement, all of the Company’s share-based awards fully vested and were settled in cash upon the change in control of the Company on March 18, 2016. As a result, the total unrecognized share-based compensation expense related to unvested awards was expensed and no share-based awards remain outstanding at March 31, 2016.

For the three months ended March 31, 2016, the Company’s total share-based compensation expense was $36.2 million, which primarily related to the vesting of the share-based awards upon the change in control.

The activity related to the Company’s share options, share-settled share appreciation rights (SSARs), restricted stock units (RSUs), performance stock units (PSUs) and warrants for the three months ended March 31, 2016 was as follows:

Share Options

	Options
Outstanding at January 1, 2016	267,918
Exercised prior to March 18, 2016	(15,997	)
Settled in cash by the Company upon change in control	(251,921	)
Outstanding at March 31, 2016	—

Share-Settled Share Appreciation Rights (SSARs)

	SSARs
Outstanding at January 1, 2016	991,724
Exercised prior to March 18, 2016	(12,294	)
Settled in cash by the Company upon change in control	(979,430	)
Outstanding at March 31, 2016	—

Pursuant to the terms of the Merger Agreement, the Company funded the settlement of the share options and SSARs of $75.3 million, which was recorded as a reduction in additional paid-in capital during the three months ended March 31, 2016.

Restricted Share Units and Performance Share Units

	RSUs and PSUs
Outstanding at January 1, 2016	861,608
Performance based adjustment	76,889
Vested prior to March 18, 2016	(270,986	)
Converted to common shares and settled in cash by EXOR upon change in control	(667,511	)
Outstanding at March 31, 2016	—

Pursuant to the terms of the Merger Agreement, EXOR funded the settlement of the RSUs and PSUs, which was included as part of the consideration paid to acquire the Company.

Warrants

During the three months ended March 31, 2016, 371 warrants were exercised and 186 warrants were settled in cash by the Company upon the change in control. At March 31, 2016, no warrants were outstanding.