16. Equity compensation plans

Long‑term incentive plan

The following table summarizes the changes in outstanding LTIP notional units during the years ended December 31, 2015, 2014 and 2013:


		Grant Date
		Weighted-Average
	Units	Fair Value per Unit
Outstanding at December 31, 2012	492,535	$	13.90
Granted	597,031		4.91
Additional shares from dividends	64,576		8.74
Forfeitures	(184,458)		8.17
Vested and redeemed	(202,696)		13.48
Outstanding at December 31, 2013	766,988		7.86
Granted	1,776,083		2.64
Additional shares from dividends	178,114		3.79
Forfeitures	(294,037)		6.68
Vested and redeemed	(983,894)		4.78
Outstanding at December 31, 2014	1,443,254		3.28
Granted	1,007,726		2.75
Additional shares from dividends	59,996		2.87
Forfeitures	(136,894)		3.75
Vested and redeemed	(1,075,681)		3.21
Outstanding at December 31, 2015	1,298,401	$	2.88

The total grant date fair value of all outstanding notional units under the LTIP was $3.7 million, $4.6 million and $4.8 million for the years ended December 31, 2015, 2014 and 2013. The weighted average remaining vesting term for outstanding notional units was 1.7 years at December 31, 2015. Approximately $1.7 million of total unrecognized compensation expense is expected to be recognized over this time period. Compensation expense related to LTIP was $3.1 million, $3.5 million and $2.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. Cash payments made for vested notional units were $0.9 million, $0.7 million and $0.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Transition Equity Participation Agreement

We also have 550,869 transition notional shares outstanding at December 31, 2015 under the Transition Equity Participation Agreement with James J. Moore, Jr. Fifty percent of the transition notional shares granted with respect to fiscal year 2015 will vest upon the four-year anniversary of the date of grant and the remaining portion will vest on or any time after the two-year anniversary of the grant if the weighted average Canadian dollar closing price of our common shares on the TSX for at least three consecutive calendar months has exceeded the market price per common share determined as of January 22, 2015 ($2.58) by at least 50%.