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STOCK OPTION AND STOCK UNIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2018
INCENTIVE STOCK OPTIONS |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock options |
December 31, 2018 | 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 | 34,366 |  | 45.41 |  |  |  |
Options granted | 5,775 |  | 32.32 |  |  |  |
Options exercised 1 | (2,519 | ) | 27.11 |  |  |  |
Options cancelled or expired | (3,235 | ) | 44.11 |  |  |  |
Options outstanding at end of year | 34,387 |  | 43.47 |  | 6.1 | 108 |
Options vested at end of year 2 | 21,064 |  | 43.48 |  | 4.7 | 84 |
1 | The total intrinsic value of ISOs exercised during the years ended December 31, 2018, 2017 and 2016 was $42 million, $62 million and $123 million, respectively, and cash received on exercise was $15 million, $17 million and $37 million, respectively.
2 | The total fair value of ISOs vested during the years ended December 31, 2018, 2017 and 2016 was $36 million, $44 million and $36 million, respectively.
Schedule of weighted average assumptions used to determine the fair value of stock options granted | Weighted average assumptions used to determine the fair value of ISOs granted using the Black-Scholes-Merton option pricing model are as follows:
Year ended December 31, | 2018 |  | 2017 |  | 2016 |
Fair value per option (Canadian dollars)1 | 3.86 |  | 6.00 |  | 7.37 |
Valuation assumptions |  |  |
Expected option term (years)2 | 5 |  | 5 |  | 5 |
Expected volatility 3 | 21.9 | % | 20.4 | % | 25.1 | %
Expected dividend yield 4 | 6.4 | % | 4.4 | % | 4.4 | %
Risk-free interest rate 5 | 2.2 | % | 1.2 | % | 0.8 | %
1 | Options granted to United States employees are based on NYSE 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 for the years ended December 31, 2018, 2017 and 2016 were $3.75, $5.66 and $7.01, respectively, for Canadian employees and US$3.30, US$5.72 and US$6.60, respectively, 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.
Restricted Stock Units (RSU) |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock units |
December 31, 2018 | 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 | 1,693 |  |  |  |
Units granted | 542 |  |  |  |
Units cancelled | (191 | ) |  |  |
Units matured 1 | (971 | ) |  |  |
Dividend reinvestment | 140 |  |  |  |
Units outstanding at end of year | 1,213 |  | 1.3 | 52 |
1 | The total amount paid during the years ended December 31, 2018, 2017 and 2016 for RSUs was $41 million, $39 million and $56 million, respectively.

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