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STOCK OPTION AND STOCK UNIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2016
INCENTIVE STOCK OPTIONS |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock options |
December 31, 2016 |  | 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 |  | 32,788 |  | 40.31 |  |  |  |  |
Options granted |  | 6,373 |  | 44.05 |  |  |  |  |
Options exercised 1 |  | (5,364) |  | 29.73 |  |  |  |  |
Options cancelled or expired |  | (888) |  | 49.26 |  |  |  |  |
Options outstanding at end of year |  | 32,909 |  | 42.51 |  | 6.3 |  | 335 |
Options vested at end of year 2 |  | 18,355 |  | 37.11 |  | 4.9 |  | 286 |
| 1 |  | The total intrinsic value of ISO exercised during the year ended December 31, 2016 was $123 million (2015 - $126 million; 2014 - $117 million) and cash received on exercise was $37 million (2015 - $43 million; 2014 - $37 million).
| 2 |  | The total fair value of options vested under the ISO Plan during the year ended December 31, 2016 was $36 million (2015 - $34 million; 2014 - $26 million).
Schedule of weighted average assumptions used to determine the fair value of stock options granted |
Year ended December 31, |  | 2016 |  | 2015 |  | 2014 |
Fair value per option (Canadian dollars)1 |  | 7.37 |  | 6.48 |  | 5.53 |
Valuation assumptions |  |  |  |  |  |  |
Expected option term (years)2 |  | 5 |  | 5 |  | 5 |
Expected volatility 3 |  | 25.1% |  | 19.9% |  | 16.9% |
Expected dividend yield 4 |  | 4.4% |  | 3.2% |  | 2.9% |
Risk-free interest rate 5 |  | 0.8% |  | 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 $7.01 (2015 - $6.22; 2014 - $5.45) for Canadian employees and US$6.60 (2015 - 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, 2016 |  | 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 |  | 3,217 |  | 39.75 |  |  |  |  |
Options exercised 1 |  | (335) |  | 41.29 |  |  |  |  |
Options outstanding at end of year |  | 2,882 |  | 39.57 |  | 3.2 |  | 38 |
Options vested at end of year 2 |  | 2,409 |  | 39.34 |  | 3.2 |  | 32 |
| 1 |  | The total intrinsic value of PSO exercised during the year ended December 31, 2016 was $7 million (2015 - $43 million; 2014 - nil) and cash received on exercise was $3 million (2015 - $13 million; 2014 - nil).
| 2 |  | The total fair value of options vested under the PSO Plan during the year ended December 31, 2016 was $2 million (2015 - $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 |
|  |  |  | Weighted |  |  |
|  |  |  | Average |  |  |
|  |  |  | Remaining |  | Aggregate |
|  |  |  | Contractual |  | Intrinsic |
December 31, 2016 |  | Number |  | Life (Years) |  | Value |
(units in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |  |  |
Units outstanding at beginning of year |  | 536 |  |  |  |  |
Units granted |  | 294 |  |  |  |  |
Units cancelled |  | (14) |  |  |  |  |
Units matured 1 |  | (295) |  |  |  |  |
Dividend reinvestment |  | 35 |  |  |  |  |
Units outstanding at end of year |  | 556 |  | 1.5 |  | 54 |
| 1 |  | The total amount paid during the year ended December 31, 2016 for PSU was $22 million (2015 - $35 million; 2014 - $36 million).
Restricted Stock Units (RSU) |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock units |
|  |  |  | Weighted |  |  |
|  |  |  | Average |  |  |
|  |  |  | Remaining |  | Aggregate |
|  |  |  | Contractual |  | Intrinsic |
December 31, 2016 |  | Number |  | Life (years) |  | Value |
(units in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |  |  |
Units outstanding at beginning of year |  | 1,906 |  |  |  |  |
Units granted |  | 972 |  |  |  |  |
Units cancelled |  | (154) |  |  |  |  |
Units matured 1 |  | (992) |  |  |  |  |
Dividend reinvestment |  | 122 |  |  |  |  |
Units outstanding at end of year |  | 1,854 |  | 1.4 |  | 105 |
| 1 |  | The total amount paid during the year ended December 31, 2016 for RSU was $56 million (2015 - $45 million; 2014 - $45 million).

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