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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

Schedule of Options Outstanding

The following is a continuity schedule of all options outstanding [number of options in the table below are expressed in whole numbers]:

		Options outstanding
		Number of options				Weighted average exercise price				Number of options exercisable
Outstanding at December 31, 2011			6,867,367			Cdn$	31.54				2,066,700
Granted			1,389,000				48.22				—
Exercised [i]			(1,525,159	)			28.46				(1,525,159	)
Cancelled			(107,966	)			53.14				(58,967	)
Vested			—				—				2,745,000
Outstanding at December 31, 2012			6,623,242			Cdn$	35.39				3,227,574
Granted			1,060,000				57.02				—
Exercised [i]			(2,805,969	)			31.99				(2,805,969	)
Cancelled			(119,165	)			51.46				(31,667	)
Vested			—				—				2,457,171
Outstanding at December 31, 2013			4,758,108			Cdn$	41.82				2,847,109
Granted			751,300				106.71				—
Exercised			(1,324,580	)			39.83				(1,324,580	)
Cancelled			(27,499	)			60.46				(6,000	)
Vested			—				—				790,715
Outstanding at December 31, 2014			4,157,329			Cdn$	54.05				2,307,244

The total intrinsic value of options exercised during 2014 was $85 million [2013—$56 million; 2012—$6 million].

[i] During 2013, 849,999 [2012 – 1,100,001] options were exercised on a cashless basis in accordance with the applicable stock option plans. On exercise, cash payments totalling $23 million [2012—$19 million] were made to the stock option holders.

Summary of Characteristics of Options Outstanding

At December 31, 2014, the outstanding options consist of [number of options in the table below are expressed in whole numbers]:

		Options outstanding
		Number of options				Remaining contractual life [years]				Number of options exercisable
$15 to $20			350,341				1.2				350,341
$25 to $30			925,000				2.2				925,000
$35 to $40			10,000				2.4				10,000
$45 to $50			917,364				4.2				489,225
$50 to $55			315,498				3.0				315,498
$55 to $60			891,826				5.2				217,180
Over $100			747,300				6.2				—
			4,157,329								2,307,244
Weighted average exercise price		Cdn$	54.05							Cdn$	37.21
Weighted average life remaining [years]			3.95								2.83
Aggregate intrinsic value at December 31, 2014		$	255							$	175

Fair Value of Stock Options Granted and Compensation Expenses

The weighted average assumptions used in measuring the fair value of stock options granted are as follows:

		2014				2013				2012
Risk-free interest rate			1.60	%			1.32	%			2.23	%
Expected dividend yield			2.00	%			2.00	%			2.00	%
Expected volatility			29	%			34	%			43	%
Expected time until exercise			4.5 years				4.5 years				4.5 years
Weighted average fair value of options granted in year [Cdn$]		$	22.94			$	14.02			$	15.37

Schedule of Reduction in Stated Value of Company's Common Shares

The following is a continuity of the stock that has not been released to the executives and is reflected as a reduction in the stated value of the Company’s Common Shares [number of Common Shares in the table below are expressed in whole numbers]:

		Number of shares				Stated value
Awarded and not released, December 31, 2011			1,026,304			$	35
Release of restricted stock			(143,316	)			(5	)
Awarded and not released, December 31, 2012			882,988				30
Release of restricted stock			(152,512	)			(5	)
Awarded and not released, December 31, 2013			730,476				25
Release of restricted stock			(143,152	)			(5	)
Awarded and not released, December 31, 2014			587,324			$	20

Schedule of Restricted Stock Unit Programs Outstanding

The following is a continuity schedule of restricted stock unit programs outstanding [number of stock units in the table below are expressed in whole numbers]:

		Equity classified RSUs				Liability classified RSUs				Liability/ Equity classified DSUs				Total
Outstanding at December 31, 2011			367,726				29,806				198,446				595,978
Granted			320,131				15,364				37,456				372,951
Dividend equivalents			1,895				1,133				5,145				8,173
Redeemed			(84,322	)			(26,204	)			(34,124	)			(144,650	)
Outstanding at December 31, 2012			605,430				20,099				206,923				832,452
Granted			224,841				13,825				30,716				269,382
Dividend equivalents			1,262				624				2,815				4,701
Redeemed			(199,679	)			(4,429	)			(113,007	)			(317,115	)
Outstanding at December 31, 2013			631,854				30,119				127,447				789,420
Granted			181,526				9,025				22,136				212,687
Dividend equivalents			839				566				2,047				3,452
Forfeitures			—				(410	)			—				(410	)
Redeemed			(321,580	)			(16,274	)			—				(337,854	)
Outstanding at December 31, 2014			492,639				23,026				151,630				667,295

Summary of Stock-Based Compensation Expense Recorded in Selling, General and Administrative Expenses

Stock-based compensation expense recorded in selling, general and administrative expenses related to the above programs is as follows:

		2014				2013				2012
Incentive Stock Option Plan		$	15			$	15			$	19
Long-term retention			4				4				5
Restricted stock unit			21				16				14
			40				35				38
Fair value adjustment for liability classified DSUs			—				5				4
Total stock-based compensation expense		$	40			$	40			$	42

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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