Stock-based compensation (Tables)

12 Months Ended

Dec. 31, 2019

Stock-based compensation

Schedule of significant weighted average assumptions

	2019		2018
Risk free interest rate	2.11	%	2.05	%
Expected option life (years)	1.1		1.2
Expected volatility	34.59	%	25.10	%
Expected dividend yield	2.44	%	2.62	%

Schedule of company's stock option activity

A summary of the Company’s stock option activity for the year ended December 31, 2019 is as follows:

				Weighted
		Weighted		Average
		Average		Remaining		Aggregate
		Exercise		Contractual		Intrinsic
	Options	Price		Life (Years)		Value (1)
Outstanding at beginning of period	10,830	$	12.69
Granted	9,868		11.19
Exercised	(1,566)		10.10
Forfeited/expired	(8,482)		10.93
Outstanding as of December 31, 2019	10,650	$	13.08	2.04	years	$	34,287
Exercisable as of  December 31, 2019	—	$	—	—	years	$	—

(1) The intrinsic value of a stock option represents the amount by which the fair value of the underlying stock, measured by reference to the closing price of the common shares of $16.30 on the Nasdaq Global Select Market on December 31, 2019, exceeds the exercise price of the option.

Schedule of weighted average fair value of options at the date of grant and the intrinsic value

	2019		2018
Options granted with an exercise price below market price on the date of grant:
Employees — preferred stock	$	3.73	$	3.27
Overall weighted average		3.73		3.27
Options granted with an exercise price at market price on the date of grant:
Management employees	$	—	$	—
Employees — common stock		3.23		3.19
Overall weighted average		3.23		3.19
Options granted with an exercise price above market price on the date of grant:
Management employees	$	—	$	—
Employees — preferred stock		—		—
Overall weighted average		—		—
Total intrinsic value of options exercised	$	5,857	$	4,379