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STOCK OPTION AND STOCK UNIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2015
INCENTIVE STOCK OPTIONS |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock options |
December 31, 2015 |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
(options in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |  |  |  |
Options outstanding at beginning of year |  | 31,330 |  | 34.97 |  |  |  |
Options granted |  | 5,852 |  | 59.14 |  |  |  |
Options exercised 1 |  | (4,224) |  | 26.61 |  |  |  |
Options cancelled or expired |  | (170) |  | 44.87 |  |  |  |
Options outstanding at end of year |  | 32,788 |  | 40.31 |  | 6.3 |  | 525
Options vested at end of year 2 |  | 18,297 |  | 31.66 |  | 4.8 |  | 451
| 1 |  | The total intrinsic value of ISO exercised during the year ended December 31, 2015 was $126 million (2014 - $117 million) and cash received on exercise was $43 million (2014 - $37 million).
| 2 |  | The total fair value of options vested under the ISO Plan during the year ended December 31, 2015 was $34 million (2014 - $26 million).
Schedule of weighted average assumptions used to determine the fair value of stock options granted |
Year ended December 31, |  | 2015 |  | 2014
Fair value per option (Canadian dollars)1 |  | 6.48 |  | 5.53
Valuation assumptions |  |  |  |
Expected option term (years)2 |  | 5 |  | 5
Expected volatility 3 |  | 19.9% |  | 16.9%
Expected dividend yield 4 |  | 3.2% |  | 2.9%
Risk-free interest rate 5 |  | 0.9% |  | 1.6%
| 1 |  | Options granted to United States employees are based on New York Stock Exchange prices. The option value and assumptions shown are based on a weighted average of the United States and the Canadian options. The fair values per option were $6.22 (2014 - $5.45) for Canadian employees and US$6.16 (2014 - US$5.35) for United States employees.
| 2 |  | The expected option term is six years based on historical exercise practice and three years for retirement eligible employees.
| 3 |  | Expected volatility is determined with reference to historic daily share price volatility and consideration of the implied volatility observable in call option values near the grant date.
| 4 |  | The expected dividend yield is the current annual dividend at the grant date divided by the current stock price.
| 5 |  | The risk-free interest rate is based on the Government of Canada’s Canadian Bond Yields and the United States Treasury Bond Yields.
PERFORMANCE STOCK OPTIONS |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock options |
December 31, 2015 |  | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
(options in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |  |  |  |
Options outstanding at beginning of year |  | 4,511 |  | 35.97 |  |  |  |
Options granted |  | - |  | - |  |  |  |
Options exercised 1 |  | (830) |  | 19.44 |  |  |  |
Options cancelled or expired |  | (464) |  | 39.34 |  |  |  |
Options outstanding at end of year |  | 3,217 |  | 39.75 |  | 3.9 |  | 53
Options vested at end of year 2 |  | 2,307 |  | 39.48 |  | 3.7 |  | 39
| 1 |  | The total intrinsic value of PSO exercised during the year ended December 31, 2015 was $43 million (2014 - nil) and cash received on exercise was $13 million (2014 - nil).
| 2 |  | The total fair value of options vested under the PSO Plan during the year ended December 31, 2015 was $6 million (2014 - $5 million).
Schedule of weighted average assumptions used to determine the fair value of stock options granted |
Year ended December 31, |  |  |  | 2014
Fair value per option (Canadian dollars) |  |  |  | 5.77
Valuation assumptions |  |  |  |
Expected option term (years)1 |  |  |  | 6.5
Expected volatility 2 |  |  |  | 15.0%
Expected dividend yield 3 |  |  |  | 2.8%
Risk-free interest rate 4 |  |  |  | 1.7%
| 1 |  | The expected option term is based on historical exercise practice.
| 2 |  | Expected volatility is determined with reference to historic daily share price volatility.
| 3 |  | The expected dividend yield is the current annual dividend at the grant date divided by the current stock price.
| 4 |  | The risk-free interest rate is based on the Government of Canada’s Canadian Bond Yields.
PERFORMANCE STOCK UNITS |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock units |
December 31, 2015 |  | Number |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
(units in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |  |
Units outstanding at beginning of year |  | 555 |  |  |  |
Units granted |  | 244 |  |  |  |
Units cancelled |  | (9) |  |  |  |
Units matured 1 |  | (282) |  |  |  |
Dividend reinvestment |  | 28 |  |  |  |
Units outstanding at end of year |  | 536 |  | 1.5 |  | 47
| 1 |  | The total amount paid during the year ended December 31, 2015 for PSU was $35 million (2014 - $36 million).
Restricted stock units |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock units |
December 31, 2015 |  | Number |  | Weighted Average Remaining Contractual Life (years) |  | Aggregate Intrinsic Value
(units in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |  |
Units outstanding at beginning of year |  | 1,959 |  |  |  |
Units granted |  | 854 |  |  |  |
Units cancelled |  | (101) |  |  |  |
Units matured 1 |  | (904) |  |  |  |
Dividend reinvestment |  | 98 |  |  |  |
Units outstanding at end of year |  | 1,906 |  | 1.4 |  | 88
| 1 |  | The total amount paid during the year ended December 31, 2015 for RSU was $45 million (2014 - $45 million).

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