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Share-Based Compensation and Other Related Information (Tables)
 12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Options Outstanding

The following table summarizes the changes in stock options for the years ended December 31:

 

     Number of
Options
(000’s)		      Weighted Average
Exercise Price
(C$/option)		  

At January 1, 2017

      10,675      $ 28.03  

Issued in connection with the acquisition of Exeter (note 7)

      192        4.32  

Exercised (2)

      (27 )       20.27  

Forfeited/expired

      (3,545 )       30.92  
  

 

 

     

 

 

  

At December 31, 2017 – outstanding

      7,295      $ 26.02  
  

 

 

     

 

 

  

At December 31, 2017 – exercisable

      5,252      $ 27.39  
  

 

 

     

 

 

  

At January 1, 2016

      14,775      $ 34.53  

Granted (1)

      3,087        20.27  

Exercised (2)

      (232 )       12.64  

Forfeited/expired

      (6,955 )       38.92  
  

 

 

     

 

 

  

At December 31, 2016 – outstanding

      10,675      $ 28.03  
  

 

 

     

 

 

  

At December 31, 2016 – exercisable

      6,061      $ 31.24  
  

 

 

     

 

 

  

 

(1) Effective January 1, 2017, the Company has stopped granting options under the stock option plan. Stock options granted during the year ended December 31, 2016 vest over 3 years, are exercisable at C$20.27 per option, expire in 2023 and had a total fair value of $15 million at the date of grant.
(2) The weighted average share price at the date stock options were exercised was C$21.78 (2016 – C$20.74).
Summary of Assumptions Used to Determine Fair Value of Options Granted

The weighted average fair value of stock options granted during the year ended December 31, 2016 of $4.89 per option was calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions and inputs:

 

     2016  

Expected life

      3.3 years  

Expected volatility

      45.3 % 

Expected dividend yield

      0.8 % 

Risk-free interest rate

      0.5 % 

Weighted average share price

      15.24  
Summary of Stock Options Outstanding on Exercise Prices

The following table summarizes information about the Company’s stock options outstanding at December 31, 2017:

 

     Options Outstanding      Options Exercisable  

Exercise Prices

(C$/option)

    Options
Outstanding
(000’s)		      Weighted
Average
Exercise
Price
(C$/option)		      Weighted
Average
Remaining
Contractual
Life
(years)		      Options
Outstanding
and
Exercisable
(000’s)		      Weighted
Average
Exercise
Price
(C$/option)		      Weighted
Average
Remaining
Contractual
Life
(years)		  

$4.17 – $4.50

      192      $ 4.32        2.7        192      $ 4.32        2.7  

$20.27

      2,106        20.27        4.9        732        20.27        4.7  

$26.66 – 29.63

      2,793        27.49        3.0        2,124        27.60        2.7  

$29.63 – $33.48

      2,204        31.55        0.7        2,204        31.55        0.7  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     7,295      $ 26.02        2.8        5,252      $ 27.39        2.1