granted 4,000 share appreciation rights (SARs) to its employees. When exercised, each SAR paid out the current market price of the common shares less $34 (the market price of the common shares on the date of the SAR grant). The vesting period ended on December 30, 2018, and the exercise period ended on December 31, 2019.

end

Fair value per SAR

Estimated number of SARs vesting

Average cash paid out on exercise

Number of SARs exercised

Dec 31, 2016

$ 8

90%

Dec 31, 2017

15

93%

Dec 31, 2018

22

92% (actual)

$18

2,100

Dec 31, 2019

14

1,580

journal entries for the years ended December 31, 2017, through December 31, 2019, inclusive.