9. Equity compensation plans

Long‑term incentive plan (“LTIP”)

The following table summarizes the changes in outstanding LTIP notional shares during the three months ended March 31, 2020:


			Grant Date
			Weighted-Average
	Notional Shares		Fair Value per Notional Share
Outstanding at December 31, 2019	3,578,092	$	2.38
Granted	1,866,748		2.49
Vested and redeemed	(1,702,571)		2.34
Forfeitures	(23,388)		2.40
Outstanding at March 31, 2020	3,718,881	$	2.45

Cash payments made for vested notional shares for the three months ended March 31, 2020 were $3.3 million and no payments were made in the comparable 2019 period. Compensation expense for LTIP and Transition Equity Participation Agreement notional shares was $1.0 million for the three months ended March 31, 2020 and $1.4 million for the three months ended March 31, 2019.

Transition Equity Participation Agreement

We also have 269,952 transition notional shares outstanding at March 31, 2020 under the Transition Equity Participation Agreement with James J. Moore, Jr. These notional shares will vest if the weighted average Canadian dollar closing price of our common shares on the Toronto Stock Exchange exceeds Cdn$4.77 for at least three consecutive calendar months.