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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Compensation Costs Related to Share-Based Payments



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Year ended December 31,

 

 2018 

 

 

 2017 

 

 

 2016 

Stock option compensation expense:

 

 

 

 

 

 

 

 

SG&A expenses

$

 7,895 

 

$

 8,948 

 

$

 5,507 

Acquisition-related costs

 

 357 

 

 

 4,752 

 

 

 -

Share unit expense:

 

 

 

 

 

 

 

 

Equity-classified share units

 

 11,256 

 

 

 3,529 

 

 

 1,981 

Liability-classified share units

 

 1,764 

 

 

 670 

 

 

 10,512 

Employee share purchase plan -

 

 

 

 

 

 

 

 

employer contributions

 

 2,174 

 

 

 1,813 

 

 

 1,597 



$

 23,446 

 

$

 19,712 

 

$

 19,597 



Summary of Stock Option Activity



 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 



 

 

WA

 



Common

 

 

WA

remaining

 

 

Aggregate



shares under

 

 

exercise

contractual

 

 

intrinsic



option

price

life (in years)

value

Outstanding, December 31, 2015

 3,276,078 

 

 

 23.40 

 

 

 

 

Granted

 1,268,101 

 

 

 24.34 

 

 

 

 

Exercised

 (1,081,531)

 

 

 22.50 

 

 

$

 9,380 

Forfeited

 (95,934)

 

 

 24.32 

 

 

 

 

Outstanding, December 31, 2016

 3,366,714 

 

$

 24.02  7.5 

 

$

 33,601 

Granted

 970,947 

 

 

 31.07 

 

 

 

 

Assumed in acquisition

 737,358 

 

 

 14.26 

 

 

 

 

Exercised

 (444,571)

 

 

 22.35 

 

 

$

 3,762 

Forfeited

 (170,704)

 

 

 19.38 

 

 

 

 

Outstanding, December 31, 2017

 4,459,744 

 

$

 24.29  7.5 

 

$

 17,649 

Granted

 923,199 

 

 

 32.14 

 

 

 

 

Exercised

 (1,235,154)

 

 

 23.10 

 

 

$

 14,808 

Forfeited

 (132,624)

 

 

 25.91 

 

 

 

 

Expired

 (1,302)

 

 

 25.76 

 

 

 

 

Outstanding, December 31, 2018

 4,013,863 

 

$

 26.41  7.2 

 

$

 25,374 

Exercisable, December 31, 2018

 2,074,873 

 

$

 24.06  6.2 

 

$

 17,963 



Summary of Share Unit Activity





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Equity-classified awards

 

Liability-classified awards



PSUs

 

RSUs

 

PSUs

 

RSUs

 

DSUs



 

WA grant

 

 

WA grant

 

 

WA grant

 

 

WA grant

 

 

WA grant



 

 

date fair

 

 

 

date fair

 

 

 

date fair

 

 

 

date fair

 

 

 

date fair



Number

 

value

 

Number

 

value

 

Number

 

value

 

Number

 

value

 

Number

 

value



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2015

 -

$

 -

 

 -

$

 -

 

 421,585 

$

 24.03 

 

 332,954 

$

 22.70 

 

 57,996 

$

 24.21 

Granted

 7,714 

 

 31.40 

 

 -

 

 -

 

 257,117 

 

 23.32 

 

 4,543 

 

 29.33 

 

 17,371 

 

 29.41 

Transferred to (from) equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

awards on modification

 257,934 

 

 27.34 

 

 -

 

 -

 

 (257,934)

 

 23.86 

 

 -

 

 -

 

 -

 

 -

Vested and settled

 -

 

 -

 

 -

 

 -

 

 (68,683)

 

 23.08 

 

 (162,306)

 

 22.23 

 

 (1,847)

 

 25.28 

Forfeited

 (21,680)

 

 27.43 

 

 -

 

 -

 

 (40,756)

 

 22.75 

 

 (15,182)

 

 22.68 

 

 -

 

 -



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2016

 243,968 

$

 27.48 

 

 -

$

 -

 

 311,329 

$

 23.96 

 

 160,009 

$

 23.37 

 

 73,520 

$

 25.41 

Granted

 136,073 

 

 30.28 

 

 125,152 

 

26.93 

 

 98,775 

 

 31.21 

 

 878 

 

 32.30 

 

 19,967 

 

 29.67 

Transferred to (from) equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

awards on modification

 81,533 

 

 24.47 

 

 -

 

 -

 

 (81,533)

 

 24.66 

 

 -

 

 -

 

 -

 

 -

Vested and settled

 (27,326)

 

 26.82 

 

 -

 

 -

 

 (49,873)

 

 23.64 

 

 (156,221)

 

 23.33 

 

 -

 

 -

Forfeited

 -

 

 -

 

 -

 

 -

 

 (19,457)

 

 26.39 

 

 -

 

 -

 

 -

 

 -

Outstanding, December 31, 2017

 434,248 

$

 27.83 

 

 125,152 

$

 26.93 

 

 259,241 

$

 26.38 

 

 4,666 

$

 26.42 

 

 93,487 

$

 26.32 

Granted

 240,803 

 

 35.63 

 

 91,251 

 

 32.10 

 

 -

 

 -

 

 66 

 

 34.70 

 

 26,553 

 

 33.42 

Transferred to equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

awards on modification

 257,659 

 

 31.30 

 

 -

 

 -

 

 (257,659)

 

 26.38 

 

 -

 

 -

 

 -

 

 -

Vested and settled

(212,263)

 

 33.78 

 

 -

 

 -

 

 -

 

 -

 

 (4,732)

 

 26.54 

 

 (6,605)

 

 23.16 

Forfeited

 (50,159)

 

 31.41 

 

 (8,417)

 

 32.00 

 

 (1,582)

 

 26.45 

 

 -

 

 -

 

 -

 

 -

Outstanding, December 31, 2018

 670,288 

$

 31.46 

 

 207,986 

$

 28.99 

 

 -

$

 -

 

 -

$

 -

 

 113,435 

$

 28.16 

(1)

Liability-classified PSUs include PSUs awarded under the employee PSU plan and the previous 2013 PSU plan, in place prior to 2015, that are cash-settled and not subject to market vesting conditions.
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



 

 

 



 

 

 

Year ended December 31,

2018  2017  2016 

Risk free interest rate

 2.7%  2.0%  1.2% 

Expected dividend yield

 2.11%  2.15%  2.66% 

Expected lives of the stock options

5 years

5 years

5 years

Expected volatility

 28.1%  27.8%  26.5% 



Sign-on Grant 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



 

 



 

 

September 11, 2018

 

 2018 

Risk free interest rate

 

 2.7% 

Expected dividend yield

 

 1.53% 

Expected lives of the PSU

 

1 year

Expected volatility

 

 29.2% 



Stock Options Assumed [Member] | 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



 



 

Year ended December 31,

2017 

Risk free interest rate

 0.8% 

Expected dividend yield

 2.19% 

Expected lives of the stock options

0.4 years

Expected volatility

 32.1% 



Performance Share Units [Member] | Senior Executive and Employee 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



 

 

 

 



 

 

 

 

Year ended December 31,

 

 2018  2017  2016 

Risk free interest rate

 

 1.92%  1.4%  1.2% 

Expected dividend yield

 

 2.09%  1.92%  2.50% 

Expected lives of the PSUs

 

3 years

3 years

3 years

Expected volatility

 

 31.1%  28.2%  29.9% 

Average expected volatility of comparable companies

 

 34.1%  37.0%  37.0% 



Performance Share Units, Equity Classified Awards [Member] | Senior Executive and Employee 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



 

 

 



 

 

 

Year ended December 31,

 

 2017  2016 

Risk free interest rate

 

 1.5%  1.2% 

Expected dividend yield

 

 2.01%  2.40% 

Expected lives of the PSUs

 

3 years

3 years

Expected volatility

 

 28.9%  29.7% 

Average expected volatility of comparable companies

 

 33.4%  37.0%