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v3.20.1

Stock Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Stock-Based Compensation |
Weighted average fair values per stock option along with the assumptions incorporated into the valuation models for options granted |
| 2019 | 2018
Weighted average fair value per option | $ | 2.41 | $ | 1.70
Expected term (1) |  | 6 years |  | 6 years
Risk-free interest rate (2) |  | 1.82 | % |  | 2.13 | %
Expected dividend yield (3) |  | 5.10 | % |  | 5.69 | %
Expected volatility (4) |  | 14.32 | % |  | 13.71 | %
(1) The expected term of the option awards is calculated based on historical exercise behaviour and represents the period of time that the options are expected to be outstanding.
(2) Based on the Bank of Canada five-year government bond yields.
(3) Incorporates current dividend rates and historical dividend increase patterns.
(4) Estimated using the five-year historical volatility.
Stock option information |
| Total Options |  | Non-Vested Options(1)
| Number of Options | Weighted average exercise price per share |  | Number of Options | Weighted average grant date fair-value
Outstanding as at December 31, 2018 | 4,225,575 | $ | 39.56 |  | 1,679,325 | $ | 2.22
Granted | 651,400 |  | 46.39 |  | 651,400 |  | 2.41
Exercised | (2,568,625) |  | 37.90 |  | N/A |  | N/A
Vested | N/A |  | N/A |  | (759,900) |  | 2.37
Forfeited | (21,800) |  | 46.39 |  | (21,800) |  | 2.41
Expired | N/A |  | N/A |  | N/A |  | N/A
Options outstanding December 31, 2019 | 2,286,550 | $ | 43.31 |  | 1,549,025 | $ | 2.22
Options exercisable December 31, 2019 (2)(3) | 737,525 | $ | 41.43 |  |  |  |
(1) As at December 31, 2019, there was $2 million of unrecognized compensation related to stock options not yet vested which is expected to be recognized over a weighted average period of approximately 2.4 years (2018 - $2 million, 2.2 years).
(2) As at December 31, 2019, the weighted average remaining term of vested options was 5.5 years with an aggregate intrinsic value of $11 million (2018 - 5.1 years, $18 million).
(3) As at December 31, 2019, the fair value of options that vested in the year was $2 million (2018 - $2 million).
Activity related to the Performance Share Unit Plan |
| Employee DSU |  | Weighted Average Grant Date Fair Value | Director DSU |  | Weighted Average Grant Date Fair Value
Outstanding as at December 31, 2018 | 837,109 | $ | 29.54 | 563,521 | $ | 37.07
Granted including DRIP | 120,098 |  | 39.05 | 104,293 |  | 42.25
Exercised | (252,610) |  | 19.68 | (136,360) |  | 29.76
Outstanding and exercisable as at December 31, 2019 | 704,597 | $ | 34.69 | 531,454 | $ | 39.96
| Employee PSU |  | Weighted Average Grant Date Fair Value |  | Aggregate intrinsic value
Outstanding as at December 31, 2018 | 1,127,114 | $ | 46.02 | $ | 56.9
Granted including DRIP | 545,008 |  | 43.15 |  |
Exercised | (140,754) |  | 43.00 |  |
Forfeited | (150,268) |  | 44.41 |  |
Outstanding as at December 31, 2019 | 1,381,100 | $ | 45.37 | $ | 88.1

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