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Share Capital (Tables)
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
Summary of ordinary shares issued and outstanding
The following table is a summary of common shares issued and outstanding:
(in thousands)
2016
 
2015
Balance – beginning of year
294,745

 
255,183

Exercise of options
802

 
480

Net issuance of restricted shares
1,598

 
1,581

Share buybacks (1)
(30,256
)
 
(12,434
)
Issue of shares
—

 
49,935

Balance – end of year
266,889

 
294,745

____________
(1)
Includes share buybacks associated with authorized share buyback programs as well as purchases related to satisfying tax withholding obligations of employees in connection with the vesting of restricted shares granted under the Company’s equity compensation programs.
Weighted average option pricing assumptions
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
 
2016
 
2015
 
2014
Dividend yield
2.00
%
 
2.00
%
 
2.00
%
Risk free interest rate
1.37
%
 
1.70
%
 
1.81
%
Volatility
21.7
%
 
21.6
%
 
34.0
%
Expected lives
6.0 years

 
6.0 years

 
6.0 years
Summary of options and options activity
The following is a summary of the activity in the stock option plans for the indicated years ended December 31:
(In thousands except for weighted average grant date fair value)
2016
 
2015
 
2014
Options granted to purchase common shares under the Programs - in thousands
2,200

 
1,974

 
1,025

Weighted average grant date fair value
$
5.99

 
$
6.51

 
$
8.60

Total intrinsic value of stock options exercised
$
19,471

 
$
8,546

 
$
7,499

Options exercised during the year - in thousands
810

 
480

 
424

Compensation expense related to stock option plans
$
11,065

 
$
8,961

 
$
9,961

Estimated tax benefit (charge) related to stock option plans
$
355

 
$
—

 
$
(2
)
The following is a summary of the stock options outstanding at December 31, 2016, and related activity for the year then ended:
 
Number of Shares (in thousands)
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding – beginning of year
10,749

 
$
28.59

 
5.4 years
 
$
121,085

Granted
2,200

 
34.64

 
 
 
 
Exercised
(810
)
 
12.35

 
 
 
 
Canceled/Expired
(278
)
 
60.83

 
 
 
 
Outstanding – end of year
11,861

 
$
30.07

 
5.5 years
 
$
86,558

Options exercisable
8,002

 
$
27.75

 
4.0 years
 
$
77,366

Available for grant (1)
8,355

 
 
 
 
 
 
 
____________
(1)
Available for grant includes shares that may be granted as either stock options, restricted stock, restricted stock units or performance units.
Summary of restricted stock and non-vested restricted stock activity
A summary of the restricted stock awards issued under the 1991 Performance Incentive Program and the Directors Stock and Option Plan for the indicated years ended December 31 is as follows:
(In thousands except for weighted average grant date fair value)
2016
 
2015
 
2014
Restricted ordinary shares granted
48

 
44

 
46

Weighted average grant date fair value
$
34.05

 
$
37.11

 
$
31.86

Aggregate grant date fair value
$
1,650

 
$
1,613

 
$
1,463

Compensation expense related to restricted stock awards
$
2,078

 
$
3,889

 
$
5,239

Estimated tax benefit related to restricted stock awards
$
129

 
$
709

 
$
1,233


Total unrecognized stock based compensation expense related to non-vested restricted stock awards was nil at December 31, 2016, which is related to approximately 0.2 million restricted stock awards.
Non-vested restricted stock awards at December 31, 2016 and for the year then ended were as follows:
(In thousands except for weighted average grant date fair value)
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested at December 31, 2015
275

 
$
41.90

Granted
48

 
$
34.05

Vested
(132
)
 
$
36.35

Unvested at December 31, 2016
191

 
$
43.72
Summary of restricted stock units and restricted stock unit activity
A summary of the restricted stock units issued to officers of the Company and its subsidiaries for the indicated years ended December 31 is as follows:
(In thousands)
2016
 
2015
 
2014
Restricted stock units granted
1,117

 
1,534

 
1,867

Aggregate grant date fair value
$
38,681

 
$
55,540

 
$
57,134

Compensation expense related to restricted stock units
$
46,209

 
$
48,937

 
$
41,879

Estimated tax benefit related to restricted stock units
$
12,701

 
$
13,271

 
$
11,607


Total unrecognized stock-based compensation expense related to non-vested restricted stock units was $49.9 million at December 31, 2016, which is related to approximately 2.5 million restricted stock units and is expected to be recognized over 1.4 years.
Non-vested restricted stock units at December 31, 2016 and for the year then ended were as follows:
(In thousands except for weighted average grant date fair value)
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested at December 31, 2015
3,070

 
$
32.99

Granted
1,117

 
$
34.64

Vested
(1,559
)
 
$
31.83

Forfeited
(137
)
 
$
36.37

Unvested at December 31, 2016
2,491

 
$
34.30
Summary of performance units and performance units activity
A summary of the performance units issued to certain employees of the Company for the indicated years ended December 31 is as follows:
(In thousands)
2016
 
2015
 
2014
Performance units granted
738

 
781

 
572

Potential maximum share payout
1,477

 
1,563

 
1,144

Aggregate grant date fair value
$
25,578

 
$
28,082

 
$
16,345

Compensation expense related to performance units
$
21,647

 
$
12,942

 
$
24,089

Estimated tax benefit (charge) related to performance units
$
3,152

 
$
1,459

 
$
4,250


Total unrecognized stock-based compensation expense related to non-vested performance units was approximately $29.8 million at December 31, 2016, which is related to approximately 1.4 million performance units and is expected to be recognized over 1.8 years. Non-vested restricted performance units as of December 31, 2016 were as follows:
(In thousands except for weighted average grant date fair value)
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested at December 31, 2015
1,881

 
$
31.02

Granted
738

 
$
34.64

Vested
(746
)
 
$
27.00

Forfeited
(28
)
 
$
34.12

Performance driven addition (reduction)
(477
)
 
$
34.60

Unvested at December 31, 2016
1,368

 
$
32.83
Summary of nonvested restricted cash units
(In thousands)
2016
 
2015
 
2014
Restricted cash units granted
1,826

 
2,559

 
—

Aggregate grant date fair value
$
63,261

 
$
94,525

 
$
—

Compensation expense related to restricted cash units
$
39,433

 
$
19,834

 
$
—

Estimated tax benefit related to restricted cash units
$
8,543

 
$
4,374

 
$
—


Total unrecognized stock-based compensation expense related to non-vested restricted cash units was approximately $74.1 million at December 31, 2016, which is related to approximately 2.6 million restricted cash units and is expected to be recognized over 1.5 years. Non-vested restricted cash units as of December 31, 2016 were as follows:
(In thousands except for weighted average grant date fair value)
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested at December 31, 2015
2,006

 
$
36.95

Granted
1,826

 
$
34.64

Vested
(892
)
 
$
36.93

Forfeited
(367
)
 
$
36.27

Unvested at December 31, 2016
2,573

 
$
35.41