Equity compensation plans

9 Months Ended

Sep. 30, 2020

9. Equity compensation plans

Long-term incentive plan (“LTIP”)

The following table summarizes the changes in outstanding LTIP notional shares during the nine months ended September 30, 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	(31,929)		2.42
Outstanding at September 30, 2020	3,710,340	$	2.45

Cash payments made for vested notional shares for the nine months ended September 30, 2020 and 2019 were $3.3 million and $2.0 million, respectively. Compensation expense for LTIP and Transition Equity Participation Agreement notional shares was $1.0 million and $3.0 million for the three and nine months ended September 30, 2020, respectively, and $1.1 million and $3.1 million for the three and nine months ended September 30, 2019, respectively.

Transition Equity Participation Agreement

We also have 269,952 transition notional shares outstanding at September 30, 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. These notional shares will also vest in the event that Mr. Moore is terminated without cause, resigns for good reason, or dies.