v3.25.4
Equity-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangements [Abstract]  
Summary of share option activity A summary of the activity in the share option plans based on Canadian dollar prices is presented below:
20252024
Number
Weighted average price
Number
Weighted average price
(CAD$)
(CAD$)
Outstanding - beginning of year
690,187$95.42 849,670$83.59 
Granted
65,205113.01 170,144107.54 
Exercised
(37,111)65.01 (313,307)69.42 
Expired / Cancelled
(3,699)111.41 (16,320)105.12 
Outstanding - end of year
714,582$98.52 690,187$95.42 
Exercisable - end of year426,863$90.86 366,732$85.47 
Disclosure of range of exercise prices of outstanding share options
The following table summarizes information about the share options outstanding and exercisable at December 31, 2025 in Canadian dollars:
Exercise price rangeNumber of outstanding optionsWeighted average remaining contractual lifeWeighted average exercise priceNumber of exercisable optionsWeighted average exercise price
(CAD$)
(number)(years)(CAD$)(number)(CAD$)
$40.97 - $56.0052,9672.1$52.4152,967$52.41
$64.50 - $79.69101,7533.667.82101,75367.82
$81.42 - $92.79110,4294.490.8993,52890.55
$107.53 - $123.63449,4337.5112.78178,615115.55
714,5826.1$98.52426,863$90.86
Disclosure of number and weighted average remaining contractual life of outstanding share options
The inputs to the Black-Scholes option-pricing model were as follows:
December 31,December 31,
As at20252024
Weighted-average share price on balance sheet date
CAD$83.67CAD$123.56
Weighted average exercise price
CAD$98.52CAD$95.42
Expected dividend
CAD$1.75CAD$1.84
Expected volatility
32.00%42.58%
Weighted average interest rate
2.69%2.87%
Weighted average expected remaining life in years
4.034.35
Schedule of inputs to the option model
The inputs to the Black-Scholes option-pricing model were as follows:
December 31,December 31,
As at20252024
Weighted-average share price on balance sheet date
CAD$83.67CAD$123.56
Weighted average exercise price
CAD$98.52CAD$95.42
Expected dividend
CAD$1.75CAD$1.84
Expected volatility
32.00%42.58%
Weighted average interest rate
2.69%2.87%
Weighted average expected remaining life in years
4.034.35