Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The table below summarizes the share-based compensation expense for the years ended December 31, 2016, January 2, 2016, and January 3, 2015.


	For the Year Ended
	December 31,		January 2,		January 3,
(in millions of U.S. dollars)	2016		2016		2015
Stock options	$	3.7	$	1.9	$	1.6
Performance-based RSUs		1.3		4.9		0.6
Time-based RSUs		3.3		2.4		2.8
Director share awards		0.9		1.0		0.8
Employee Share Purchase Plan		0.2		0.1		—

Total	$	9.4	$	10.3	$	5.8

Unrecognized Share-based Compensation Expense

As of December 31, 2016, the unrecognized share-based compensation expense and weighted average years over which we expect to recognize it as compensation expense were as follows:


(in millions of U.S. dollars, except years)	Unrecognized share-based compensation expense as of December 31, 2016		Weighted average years expected to recognize compensation
Stock options	$	7.2		1.7
Performance-based RSUs		18.8		2.6
Time-based RSUs		5.8		1.6

Total	$	31.8

Schedule of Stock Option Assumptions

The grant date fair value of each option granted during 2016, 2015 and 2014 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:


	For the Year Ended
	December 31,			January 2,			January 3,
	2016			2016			2015
Risk-free interest rate		1.9	%		2.0	%		2.7	%
Average expected life (years)		6.2			10.0			10.0
Expected volatility		30.7	%		58.7	%		58.5	%
Expected dividend yield		2.2	%		3.0	%		2.9	%

Stock Option Activity

The following table summarizes the activity for Company stock options:


				Weighted		Weighted		Aggregate
	Stock			average		average		intrinsic
	Options			exercise		contractual term		value
	(in thousands)			price		(years)		(in thousands)
Balance at December 28, 2013		830			8.17		7.6		811.9

Granted		441			8.00
Forfeited or expired		(50	)		16.45

Outstanding at January 3, 2015		1,221			7.77		7.6		400.7

Granted		684			9.22
Exercised		(113	)		4.94				637.4
Forfeited or expired		(35	)		8.56

Outstanding at January 2, 2016		1,757		$	8.50		8.0	$	4,373.8

Granted		2,976			11.15
Exercised		(238	)		7.29				2,304.7
Forfeited or expired		(21	)		9.99

Outstanding at December 31, 2016		4,474		$	10.32		8.8	$	5,623.3

Exercisable at December 31, 2016		850		$	8.27		6.5	$	2,598.6

Vested or expected to vest at December 31, 2016		4,474		$	10.32		8.8	$	5,623.3

Performance-based RSU and Time-Based RSU Activity

The following table summarizes the activity of our Performance-based RSU and Time-based RSU:


	Number of					Number of
	Performance-			Weighted Average		Time-based			Weighted Average
	based RSUs			Grant-Date		RSUs			Grant-Date
	(in thousands)			Fair Value		(in thousands)			Fair Value
Balance at December 28, 2013		534		$	7.81		831		$	8.04

Awarded		1,356			6.68		368			8.00
Issued		—			—		(467	)		7.14
Cancelled		(77	)		6.58		—			—
Forfeited		(31	)		7.90		(68	)		8.26

Balance at January 3, 2015		1,782			7.01		664			8.63

Awarded		320			9.22		213			9.22
Awarded in connection with modification		55			7.90		—			—
Issued		(255	)		6.87		(10	)		8.60
Forfeited		(24	)		8.61		(40	)		8.67

Balance at January 2, 2016		1,878			7.41		827			8.78

Awarded ¹		1,419			13.09		1,017			13.88
Issued ¹		—			—		(1,027	)		12.01
Cancelled		(224	)		9.29		—			—
Forfeited		(10	)		9.24		(17	)		8.50

Outstanding at December 31, 2016		3,063		$	9.89		800		$	11.10

Vested or expected to vest at December 31, 2016		2,070		$	11.83		800		$	11.10

^1.	Includes 416,951 common shares granted to certain S&D employees in connection with the S&D Acquisition; the common shares were fully vested upon issuance.