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Stock-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock Option Information

The following options were granted in 2016 and 2015. The fair values of the options were estimated at the date of grant using the Black-Scholes fair value option-pricing model and the following assumptions:

	2016		2015
Options granted (#)	788,188		667,244
Exercise price ($) (1)	37.30		39.25
Grant date fair value ($)	2.41		2.46
Assumptions:
Dividend yield (%) (2)	3.9		3.6
Expected volatility (%) (3)	16.4		14.6
Risk-free interest rate (%) (4)	0.7		0.9
Weighted average expected life (years) (5)	5.5		5.5

⁽¹⁾  Five-day VWAP immediately preceding the date of grant

⁽²⁾  Based on average annual dividend yield up to the date of grant and the weighted average expected life of the options

⁽³⁾  Based on historical experience over a period equal to the weighted average expected life of the options

⁽⁴⁾  Government of Canada benchmark bond yield in effect at the date of grant that covers the weighted average expected life of the options

⁽⁵⁾  Based on historical experience

Summary of Stock Option Activity

The following table summarizes information related to stock options for 2016.

	Total Options							Non-vested Options (1)
	Number of Options			Weighted Average Exercise Price				Number of Options			Weighted Average Grant Date Fair Value
Options outstanding, January 1, 2016	4,416,454			$	32.12			1,936,532			$	3.30
Granted	788,188			$	37.30			788,188			$	2.41
Exercised	(1,041,450	)		$	26.74			n/a			n/a
Vested	n/a			n/a				(906,702	)		$	3.57
Cancelled/Forfeited	(3,000	)		$	31.68			(3,000	)		$	3.66
Options outstanding, December 31, 2016	4,160,192			$	34.45			1,815,018			$	2.78
Options vested, December 31, 2016 (2)	2,345,174			$	33.14

⁽¹⁾  As at December 31, 2016, there was $5 million of unrecognized compensation expense related to stock options not yet vested, which is expected to be recognized over a weighted average period of approximately three years.

⁽²⁾  As at December 31, 2016, the weighted average remaining term of vested options was six years with an aggregate intrinsic value of $20 million.

Schedule of Additional Stock Option Information

The following table summarizes additional 2016 and 2015 stock option information.

(in millions)	2016			2015
Stock option expense recognized	$	2		$	3
Stock options exercised:
Cash received for exercise price	28			24
Intrinsic value realized by employees	15			10
Fair value of options that vested	3			3

DSU Plan Activity

Number of DSUs	2016		2015
DSUs outstanding, beginning of year	167,762		176,124
Granted	30,165		28,737
Granted - notional dividends reinvested	6,994		7,037
DSUs paid out	(5,510	)	(44,136	)
DSUs outstanding, end of year	199,411		167,762

PSU Plans Activity

The following table summarizes information related to the PSUs for 2016 and 2015.

Number of PSUs	2016		2015
PSUs outstanding, beginning of year	694,386		481,700
Granted	351,737		276,381
Granted - notional dividends reinvested	34,439		25,687
PSUs paid out (1)	(148,168	)	(83,637	)
PSUs cancelled/ forfeited	(443	)	(5,745	)
PSUs outstanding, end of year	931,951		694,386

⁽¹⁾  Includes 2,432 PSUs paid to senior management on retirement in accordance with the PSU plan

RSU Plans Activity

Number of RSUs	2016		2015
RSUs outstanding, beginning of year	58,740		—
Granted	70,393		59,462
Granted - notional dividends reinvested	4,709		2,150
RSUs paid out (1)	(10,201	)	—
RSUs cancelled/ forfeited	(29	)	(2,872	)
RSUs outstanding, end of year	123,612		58,740

⁽¹⁾  Reflects RSUs paid to senior management on retirement in accordance with the RSU plan

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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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-Publisher FASB
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Tabular disclosure of the amount of cash proceeds received from the exercise of stock options and similar instruments granted under share-based payment arrangements and the tax benefit realized from stock options exercised during the period. Disclosure may also include the intrinsic value of stock options exercised during the period.

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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock awards granted to nonemployee directors that were outstanding at the beginning and end of the year, and the number of awards that were granted, exercised or converted, forfeited, and expired during the year.

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