Stock-based compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

A summary of stock option activity during the six months ended June 30, 2025 is set out below:


	Six Months Ended June 30, 2025
	Shares arising out of options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of January 1, 2025	5,347,556	$	35.31	4.4	—
Granted	—	—		—	—
Forfeited	(53,600)	44.90		—	—
Expired	—	—		—	—
Exercised	(95,920)	42.45		—	760
Outstanding as of June 30, 2025	5,198,036	35.08		3.9	51,271
Vested as of June 30, 2025 and expected to vest thereafter (Note a)	5,150,532	34.96		3.9	51,245
Vested and exercisable as of June 30, 2025	4,370,186	33.05		3.5	50,293
Weighted average grant date fair value of grants during the period	—

(a)Options expected to vest reflect an estimated forfeiture rate.

Schedule of restricted share units activity

A summary of RSU activity during the six months ended June 30, 2025 is set out below:


	Six Months Ended June 30, 2025
	Number of Restricted Share Units	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2025	2,134,269	$	36.71
Granted	1,104,063	48.14
Vested (Note a)	(786,502)	37.25
Forfeited	(132,588)	38.77
Outstanding as of June 30, 2025	2,319,242	41.85
Expected to vest (Note b)	2,073,709

(a)784,514 RSUs vested during the six months ended June 30, 2025, in respect of which 485,218 shares (net of minimum statutory tax withholding) were issued. 1,988 RSUs vested in the six months ended June 30, 2025, shares in respect of which will be issued in 2025 after withholding shares to the extent of minimum statutory withholding taxes.

(b)The number of RSUs expected to vest reflects the application of an estimated forfeiture rate.

Schedule of significant assumptions used in determining fair value of performance units

The fair value of each PU granted to employees in the six months ended June 30, 2024 and June 30, 2025 was estimated on the date of grant using the following valuation assumptions:


	Six months ended June 30, 2024	Six months ended June 30, 2025
Dividend yield	1.81%	1.37	%
Expected life (years)	2.80	2.81
Risk-free rate for expected life	4.37%	3.89	%
Volatility for expected life	24.24%	25.78	%

Schedule of performance units activity

A summary of PU activity during the six months ended June 30, 2025 is set out below:


	Six months ended June 30, 2025
	Number of Performance Units	Weighted Average Grant Date Fair Value		Maximum Shares Eligible to Receive
Outstanding as of January 1, 2025	3,257,804	$	39.77	6,204,877
Granted	855,094	54.05		2,052,226
Vested (Note a)	(1,152,320)	44.50		(1,152,320)
Forfeited	(191,088)	39.02		(458,611)
Outstanding as of June 30, 2025	2,769,490	42.27		6,646,172
Expected to vest (Note b)	2,864,300

(a)1,152,320 PUs vested during the six months ended June 30, 2025, in respect of which 737,027 shares (net of minimum statutory tax withholding) were issued during the six months ended June 30, 2025.

(b)The number of PUs expected to vest is based on the probable achievement of the performance targets after considering an estimated forfeiture rate.