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Consolidated Changes in Equity
$ in Thousands
USD ($)
shares
Total
USD ($)
Capital stock
USD ($)
shares
Contributed surplus
USD ($)
Accumulated other comprehensive income, Total
USD ($)
Accumulated other comprehensive loss, Cumulative translation adjustment account
USD ($)
Accumulated other comprehensive loss, Reserve for cash flow hedges
USD ($)
Deficit
USD ($)
Non-controlling interest
USD ($)
Beginning balance, equity (in shares) at Dec. 31, 2015 | shares     58,667,535            
Beginning balance, equity at Dec. 31, 2015 $ 216,728 $ 216,728 $ 347,325 $ 23,298 $ (20,679) $ (20,407) $ (272) $ (133,216) $ 0
Transactions with owners                  
Exercise of stock options (Note 16) (in shares) | shares 540,000   540,000            
Exercise of stock options (Note 16) $ 1,452 1,452 $ 1,452            
Change in excess tax benefit on exercised share-based awards (Note 5) 0 0 2,693 (2,693)          
Change in excess tax benefit on outstanding share-based awards (Note 5) 4,302 4,302   4,302          
Share-based compensation (Note 16) 5,273 5,273   5,273          
Share-based compensation expense credited to capital on options exercised (Note 16) 0 0 $ 595 (595)          
Repurchases of common shares (Note 16) (in shares) | shares     (147,200)            
Repurchases of common shares (Note 16) (1,697) (1,697) $ (862)         (835)  
Dividends on common shares (Note 16) (31,694) (31,694)           (31,694)  
Increase (decrease) in transactions with owners (in shares) | shares     392,800            
Change in contributed surplus (22,364) (22,364) $ 3,878 6,287       (32,529)  
Net earnings (loss) 51,137 51,120           51,120 17
Other comprehensive income (loss)                  
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 22) [2] 136 [1] 136     136   136    
Reclassification adjustments for amounts recognized in earnings (Note 22) 0                
Remeasurement of defined benefit liability (Note 18) [3] 201 [4] 201           201  
Change in cumulative translation adjustments 789 896     896 896     (107)
Net loss arising from hedge of a net investment in foreign operations (Note 22) 0                
Other comprehensive (loss) income 1,126 1,233     1,032 896 136 201 (107)
Comprehensive income for the year 52,263 52,353     1,032 896 136 51,321 (90)
Recognition of non-controlling interest put options arising from the acquisition of Powerband (Note 22) [5] (10,181) (10,181)           (10,181)  
Non-controlling interest arising from the Powerband Acquisition (Note 17) 6,497               6,497
Ending balance, equity (in shares) at Dec. 31, 2016 | shares     59,060,335            
Ending balance, equity at Dec. 31, 2016 $ 242,943 236,536 $ 351,203 29,585 (19,647) (19,511) (136) (124,605) 6,407
Transactions with owners                  
Exercise of stock options (Note 16) (in shares) | shares 226,875   226,875            
Exercise of stock options (Note 16) $ 1,362 1,362 $ 1,362            
Change in excess tax benefit on exercised share-based awards (Note 5) 0 0 597 (597)          
Change in excess tax benefit on outstanding share-based awards (Note 5) (3,135) (3,135)   (3,135)          
Share-based compensation (Note 16) (12,011) (12,011)   (7,828)       (4,183) [6]  
Share-based compensation expense credited to capital on options exercised (Note 16) $ 0 0 $ 495 (495)          
Repurchases of common shares (Note 16) (in shares) | shares (487,300)   (487,300)            
Repurchases of common shares (Note 16) $ (7,451) (7,451) $ (2,898)         (4,553)  
Dividends on common shares (Note 16) (33,030) (33,030)           (33,030)  
Increase (decrease) in transactions with owners (in shares) | shares     (260,425)            
Change in contributed surplus (54,265) (54,265) $ (444) (12,055)       (41,766)  
Net earnings (loss) 63,958 64,224           64,224 (266)
Other comprehensive income (loss)                  
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 22) [7] 1,608 [1] 1,608     1,608   1,608    
Reclassification adjustments for amounts recognized in earnings (Note 22) 0                
Remeasurement of defined benefit liability (Note 18) [8] 89 [4] 89           89  
Deferred tax benefit (expense) due to enactment of US tax reform legislation (Note 5) (598) (598)     116   116 (714)  
Change in cumulative translation adjustments 4,734 4,454     4,454 4,454     280
Net loss arising from hedge of a net investment in foreign operations (Note 22) 0                
Other comprehensive (loss) income 5,833 5,553     6,178 4,454 1,724 (625) 280
Comprehensive income for the year 69,791 69,777     6,178 4,454 1,724 63,599 14
Derecognition of non-controlling interest put options arising from the Powerband Acquisition (Note 22) 8,810 8,810           8,810  
Recognition of the call option redemption liability arising from the Powerband Acquisition (Note 22) (12,725) (12,725)           (12,725)  
Non-controlling interest arising from investment [9] 15               15
Capital transactions with non-controlling shareholders (Note 17) $ 153               153
Ending balance, equity (in shares) at Dec. 31, 2017 | shares 58,799,910   58,799,910            
Ending balance, equity at Dec. 31, 2017 $ 254,722 248,133 $ 350,759 17,530 (13,469) (15,057) 1,588 (106,687) 6,589
Transactions with owners                  
Exercise of stock options (Note 16) (in shares) | shares 67,500   67,500            
Exercise of stock options (Note 16) $ 618 618 $ 618            
Change in excess tax benefit on exercised share-based awards (Note 5) 0 0 7 (7)          
Change in excess tax benefit on outstanding share-based awards (Note 5) (737) (737)   (737)          
Share-based compensation (Note 16) (5) (5)   467       (472) [10]  
Share-based compensation expense credited to capital on options exercised (Note 16) $ 0 0 $ 179 (179)          
Repurchases of common shares (Note 16) (in shares) | shares (217,100)   (217,100)            
Repurchases of common shares (Note 16) $ (2,559) (2,559) $ (1,296)         (1,263)  
Dividends on common shares (Note 16) (32,943) (32,943)           (32,943)  
Increase (decrease) in transactions with owners (in shares) | shares     (149,600)            
Change in contributed surplus (35,626) (35,626) $ (492) (456)       (34,678)  
Net earnings (loss) 46,649 46,753           46,753 (104)
Other comprehensive income (loss)                  
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 22) 1,433 [1],[11] 1,433 [11]     1,433 [7]   1,433 [7]    
Reclassification adjustments for amounts recognized in earnings (Note 22) (531) (531)     (531)   (531)    
Remeasurement of defined benefit liability (Note 18) [12] 2,286 [4] 2,286           2,286  
Change in cumulative translation adjustments (153) 308     308 308     (461)
Net loss arising from hedge of a net investment in foreign operations (Note 22) (9,421) (9,421)     (9,421) (9,421)      
Other comprehensive (loss) income (6,386) (5,925)     (8,211) (9,113) 902 2,286 (461)
Comprehensive income for the year 40,263 40,828     (8,211) (9,113) 902 49,039 (565)
Acquisition of the non-controlling interest of Powerband (Note 22) 0 5,966           5,966 (5,966)
Non-controlling interest arising from investment [13] 421               421
Capital transactions with non-controlling shareholders (Note 17) 11,102               11,102
Recognition of non-controlling interest put options arising from the Capstone Acquisition (Note 22) (10,888) (10,888)           (10,888)  
Derecognition of call option redemption liability arising from the Powerband Acquisition (Note 22) $ 1,434 1,434           1,434  
Ending balance, equity (in shares) at Dec. 31, 2018 | shares 58,650,310   58,650,310            
Ending balance, equity at Dec. 31, 2018 $ 261,428 $ 249,847 $ 350,267 $ 17,074 $ (21,680) $ (24,170) $ 2,490 $ (95,814) $ 11,581
[1] Presented net of deferred income tax (benefit) expense of ($463) in 2018, $750 in 2017 and $83 in 2016.
[2] Presented net of deferred income tax expense of $83 for the year ended December 31, 2016.
[3] Presented net of deferred income tax expense of $66 for the year ended December 31, 2016.
[4] Presented net of deferred income tax expense of $730 in 2018, $213 in 2017, and $66 in 2016.
[5] Refers to the acquisition by the Company of 74% of Powerband Industries Private Limited (doing business as "Powerband") on September 16, 2016. On November 16, 2018, the Company acquired the remaining 26% interest in Powerband, such that as of December 31, 2018, the Company owns all of the issued and outstanding common shares of Powerband. Refer to Note 22 for additional information.
[6] Presented net of income tax benefit of $1,620 for the year ended December 31, 2017.
[7] Presented net of deferred income tax expense of $750 for the year ended December 31, 2017.
[8] Presented net of deferred income tax expense of $213 for the year ended December 31, 2017.
[9] Refers to the purchase by the Company of 99.7% of the shares in Capstone Polyweave Private Limited, a newly-formed enterprise in India (d/b/a "Capstone"), on June 23, 2017. As of December 31, 2018, the Company held a 55% controlling ownership stake in Capstone while the minority shareholders held a 45% non-controlling interest in Capstone. Refer to Note 17 for additional information.
[10] Presented net of income tax benefit of $126 for the year ended December 31, 2018.
[11] Presented net of deferred income tax benefit of $463 for the year ended December 31, 2018.
[12] Presented net of deferred income tax expense of $730 for the year ended December 31, 2018.
[13] As part of the acquisition of Polyair Inter Pack Inc. (“Polyair”), on August 3, 2018, the Company indirectly obtained a controlling 50.1% interest in the Polyair subsidiary GPCP Inc. Refer to Note 17 for additional information.