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Consolidated Changes in Equity
$ in Thousands
USD ($)
shares
Total equity attributable to Company shareholders
USD ($)
Capital stock
USD ($)
shares
Contributed surplus
USD ($)
Accumulated other comprehensive income, Total
USD ($)
Cumulative translation adjustment account
USD ($)
Reserve for cash flow hedges
USD ($)
Deficit
USD ($)
Non-controlling interest
USD ($)
Beginning balance, equity at Dec. 31, 2016 $ 242,943 $ 236,536 $ 351,203 $ 29,585 $ (19,647) $ (19,511) $ (136) $ (124,605) $ 6,407
Beginning balance, equity (in shares) at Dec. 31, 2016 | shares     59,060,335            
Transactions with owners                  
Exercise of stock options (Note 18) $ 1,362 1,362 $ 1,362            
Exercise of stock options (Note 18) (in shares) | shares 226,875   226,875            
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 18) (12,011) (12,011)   (7,828)       (4,183) [1]  
Share-based compensation expense credited to capital on options exercised (Note 18) 0 0 495 (495)          
Repurchases of common shares (Note 18) (7,451) (7,451) $ (2,898)         (4,553)  
Repurchases of common shares (Note 18) (in shares) | shares     (487,300)            
Dividends on common shares (Note 18) (33,030) (33,030)           (33,030)  
Increase (decrease) in transactions with owners (54,265) (54,265) $ (444) (12,055)       (41,766)  
Increase (decrease) in transactions with owners (in shares) | shares     (260,425)            
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 24) [3] 1,608 [2] 1,608     1,608   1,608    
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) 0                
Remeasurement of defined benefit liability (Note 20) [5] 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 gain (loss) arising from hedge of a net investment in foreign operations (Note 24) [6] 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 [7] 8,810 8,810           8,810  
Recognition of the call option redemption liability related to Powerband (Note 24) (12,725) (12,725)           (12,725)  
Non-controlling interest arising from investments [8] 15               15
Capital transactions with non-controlling shareholders of Capstone (Note 19) [9] 153               153
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
Ending balance, equity (in shares) at Dec. 31, 2017 | shares     58,799,910            
Transactions with owners                  
Exercise of stock options (Note 18) $ 618 618 $ 618            
Exercise of stock options (Note 18) (in shares) | shares 67,500   67,500            
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 18) (5) (5)   467       (472) [10]  
Share-based compensation expense credited to capital on options exercised (Note 18) 0 0 179 (179)          
Repurchases of common shares (Note 18) $ (2,559) (2,559) $ (1,296)         (1,263)  
Repurchases of common shares (Note 18) (in shares) | shares (217,100)   (217,100)            
Dividends on common shares (Note 18) $ (32,943) (32,943)           (32,943)  
Increase (decrease) in transactions with owners (35,626) (35,626) $ (492) (456)       (34,678)  
Increase (decrease) in transactions with owners (in shares) | shares     (149,600)            
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 24) [11] 1,433 [2] 1,433     1,433   1,433    
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) (531) (531)     (531)   (531)    
Remeasurement of defined benefit liability (Note 20) [12] 2,286 [4] 2,286           2,286  
Change in cumulative translation adjustments (153) 308     308 308     (461)
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) (9,421) [6] (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)
Non-controlling interest arising from investments [13] 421               421
Capital transactions with non-controlling shareholders of Capstone (Note 19) 11,102               11,102
Recognition of non-controlling interest put options arising from the Capstone Acquisition (Note 24) (10,888) (10,888)           (10,888)  
Derecognition of call option redemption liability related to Powerband (Note 24) 1,434 1,434           1,434  
Acquisition of the non-controlling interest of Powerband (Note 24) 0 5,966           5,966 (5,966)
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
Ending balance, equity (in shares) at Dec. 31, 2018 | shares 58,650,310   58,650,310            
Transactions with owners                  
Exercise of stock options (Note 18) $ 3,278 3,278 $ 3,278            
Exercise of stock options (Note 18) (in shares) | shares 359,375   359,375            
Change in excess tax benefit on exercised share-based awards (Note 5) $ 0 0 $ 38 (38)          
Change in excess tax benefit on outstanding share-based awards (Note 5) 21 21   21          
Share-based compensation (Note 18) 645 645   701       (56) [14]  
Share-based compensation expense credited to capital on options exercised (Note 18) $ 0 0 976 (976)          
Repurchases of common shares (Note 18) (in shares) | shares 0                
Dividends on common shares (Note 18) $ (33,834) (33,834)           (33,834)  
Increase (decrease) in transactions with owners (29,890) (29,890) $ 4,292 (292)       (33,890)  
Increase (decrease) in transactions with owners (in shares) | shares     359,375            
Net earnings (loss) 41,224 41,216           41,216 8
Other comprehensive income (loss)                  
Change in fair value of interest rate swap agreements designated as cash flow hedges (Note 24) (3,057) [2],[15] (3,057) [15]     (3,057) [11]   (3,057) [15]    
Reclassification adjustments for amounts recognized in earnings related to interest rate swap agreements (Note 24) (503) (503)     (503)   (503)    
Remeasurement of defined benefit liability (Note 20) [16] 589 [4] 589           589  
Change in cumulative translation adjustments (7,798) (7,697)     (7,697) (7,697)     (101)
Net gain (loss) arising from hedge of a net investment in foreign operations (Note 24) [17] 10,235 [6] 10,235     10,235 10,235      
Other comprehensive (loss) income (534) (433)     (1,022) 2,538 (3,560) 589 (101)
Comprehensive income for the year 40,690 40,783     (1,022) 2,538 (3,560) 41,805 (93)
Ending balance, equity at Dec. 31, 2019 $ 272,228 $ 260,740 $ 354,559 $ 16,782 $ (22,702) $ (21,632) $ (1,070) $ (87,899) $ 11,488
Ending balance, equity (in shares) at Dec. 31, 2019 | shares 59,009,685   59,009,685            
[1] Presented net of income tax benefit of $1,620.
[2] Presented net of deferred income tax (benefit) expense of ($359) in 2019, ($463) in 2018 and $750 in 2017.
[3] Presented net of deferred income tax expense of $750.
[4] Presented net of deferred income tax expense of $173 in 2019, $730 in 2018, and $213 in 2017.
[5] Presented net of deferred income tax expense of $213.
[6] Presented net of deferred income tax expense of $45 in 2019, nil in 2018 and 2017.
[7] "Powerband" refers to the Company's subsidiary Powerband Industries Private Limited. On September 16, 2016 the Company acquired a 74% interest in Powerband. On November 16, 2018, the Company acquired the remaining 26% interest and as a result, owns all of the issued and outstanding common shares of Powerband after this transaction. Refer to Note 24 for additional information.
[8] "Capstone" refers to the Company's purchase of 99.7% of the shares in Capstone Polyweave Private Limited on June 23, 2017. As of December 31, 2019, the Company held a 55% controlling ownership stake in Capstone. Refer to Note 19 for additional information.
[9] On July 19, 2017, the non-controlling shareholders of Capstone acquired 99,000 additional shares of Capstone for a purchase price of approximately $153
[10] Presented net of income tax benefit of $126.
[11] Presented net of deferred income tax benefit of $463.
[12] Presented net of deferred income tax expense of $730.
[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 19 for additional information.
[14] Presented net of income tax benefit of $3.
[15] Presented net of deferred income tax benefit of $359.
[16] Presented net of deferred income tax expense of $173.
[17] Presented net of deferred income tax expense of $45.