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Share-Based Payments (Tables)
3 Months Ended
Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Compensation Costs Related to Share-Based Payments



 

 

 

 

 



 

 

 

 

 

Three months ended March 31,

 

2016 

 

 

2015 

Stock option compensation expense

$

1,070 

 

$

723 

Share unit expense

 

1,272 

 

 

1,017 

Employee share purchase plan -

 

 

 

 

 

employer contributions

 

353 

 

 

308 



$

2,695 

 

$

2,048 



Summary of Stock Option Activity



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

 

Weighted

 



 

 

 

Weighted

average

 

 

 



Common

 

 

average

remaining

 

 

Aggregate



shares under

 

 

exercise

contractual

 

 

intrinsic



option

price

life (in years)

value



 

 

 

 

 

 

 

 

Outstanding, December 31, 2014

3,897,791 

 

 

22.09 

 

 

 

 

Granted

880,706 

 

 

25.50 

 

 

 

 

Exercised

(1,412,535)

 

 

21.11 

 

 

$

9,426 

Forfeited

(89,884)

 

 

23.10 

 

 

 

 



 

 

 

 

 

 

 

 

Outstanding, December 31, 2015

3,276,078 

 

 

23.40 

 

 

 

 

Granted

1,208,121 

 

 

24.07 

 

 

 

 

Exercised

(145,190)

 

 

20.88 

 

 

$

632 

Forfeited

(47,968)

 

 

24.49 

 

 

 

 



 

 

 

 

 

 

 

 

Outstanding, March 31, 2016

4,291,041 

 

$

23.67  7.7 

 

$

14,985 



 

 

 

 

 

 

 

 

Exercisable, March 31, 2016

2,077,964 

 

$

22.74  5.8 

 

$

9,028 



Summary of Share Unit Activity



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Performance share units

 

Restricted share units

 

Deferred share units



 

 

 

WA grant

 

 

 

 

WA grant

 

 

 

 

WA grant



 

 

 

date fair

 

 

 

 

date fair

 

 

 

 

date fair



Number

 

 

value

 

Number

 

 

value

 

Number

 

 

value

Outstanding, December 31, 2014

238,573 

 

$

23.38 

 

403,587 

 

$

22.32 

 

42,289 

 

$

22.33 

Granted

218,699 

 

 

24.57 

 

20,528 

 

 

26.38 

 

29,072 

 

 

26.07 

Vested and settled

(6,870)

 

 

22.22 

 

(28,887)

 

 

22.53 

 

(13,365)

 

 

22.34 

Forfeited

(28,817)

 

 

23.23 

 

(62,274)

 

 

21.56 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2015

421,585 

 

 

24.03 

 

332,954 

 

 

22.70 

 

57,996 

 

 

24.21 

Granted

244,536 

 

 

23.19 

 

2,214 

 

 

23.33 

 

5,749 

 

 

23.40 

Vested and settled

(28,543)

 

 

22.20 

 

(124,226)

 

 

22.11 

 

 -

 

 

 -

Forfeited

(28,691)

 

 

22.52 

 

(8,127)

 

 

22.58 

 

 -

 

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, March 31, 2016

608,887 

 

$

23.85 

 

202,815 

 

$

23.07 

 

63,745 

 

$

24.14 



Stock Option Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option and Performance Share Unit Pricing Assumptions



 

 



 

 



2016  2015 

Risk free interest rate

1.2%  1.8% 

Expected dividend yield

2.68%  2.21% 

Expected lives of the stock options

5 years

5 years

Expected volatility

26.5%  25.9% 



Performance Share Unit Plans [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option and Performance Share Unit Pricing Assumptions



 

 

 

 



 

 

 

 



 

 

2016  2015 

Risk free interest rate

 

 

1.2%  1.3% 

Expected dividend yield

 

 

2.49%  2.17% 

Expected lives of the PSUs

 

 

3 years

3 years

Expected volatility

 

 

29.9%  29.4% 

Average expected volatility of comparable companies

 

 

37.0%  32.8%