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SHARE CAPITAL | 12 Months Ended
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Dec. 31, 2018
Disclosure of classes of share capital [abstract] |
Disclosure of classes of share capital [text block] | 14. SHARE CAPITAL At December 31, 2018, the Company had unlimited authorized common shares and 579.1 million common shares outstanding. (a) No par value common shares issued
| Number of shares |
(in millions of U.S. dollars, except where noted) | (000s) | $
NO PAR VALUE COMMON SHARES ISSUED |  |
Balance at December 31, 2016 | 513,709 | 2,859.0
Issuance of common shares on equity offering (1) | 61,740 | 166.6
Issuance of common shares under First Nations agreements | 2,767 | 9.5
Exercise of options and vested performance share units | 420 | 1.4
Balance at December 31, 2017 | 578,636 | 3,036.5
Issuance of common shares under First Nations agreements | 113 | 0.3
Exercise of options and vested performance share units | 366 | 0.3
Reversal of deferred tax recovery (1) | - | (1.9)
Balance at December 31, 2018 | 579,115 | 3,035.2
| 1. | On March 10, 2017, the Company closed a bought deal financing and related agreements and issued 61.7 million common shares at a price of $2.80 per share. Proceeds of $172.9 million are included within equity net of equity issuance costs of $8.2 million and the associated deferred tax recovery of $1.9 million. This deferred tax recovery was reversed in 2018.
(b) Share-based payment expenses The following table summarizes share-based payment expenses:
| Year ended December 31
(in millions of U.S. dollars) | 2018 | 2017
SHARE-BASED PAYMENT EXPENSES |  |
Stock option expense (i) | 1.4 | 2.6
Performance share unit expense | 0.1 | 1.4
Restricted share unit expense (1) | (0.3) | 0.6
Deferred share unit expense | (0.8) | 1.0
Shares issued under First Nations agreements (1) | 0.3 | 2.1
Total share-based payment expenses | 0.7 | 7.7
| 1. | For the year ended December 31, 2018 $nil of share-based payment expenses were recognized in operating expenses (2017- $2.6 million).
(i) Stock options The following table presents changes in the Company’s stock option plan:
| Number of options | Weighted average exercise price
| (000s) | C$/share
CHANGES TO THE COMPANY’S STOCK OPTION PLAN |  |
Balance at December 31, 2016 | 14,855 | 5.84
Granted | 1,957 | 3.88
Exercised | (235) | 3.31
Forfeited | (985) | 5.01
Expired | (2,505) | 8.87
Balance at December 31, 2017 | 13,087 | 5.08
Forfeited | (1,925) | 4.13
Expired | (2,534) | 8.22
Balance at December 31, 2018 | 8,628 | 4.39
(c) Loss per share The following table sets out the calculation of loss per share:
| Year ended December 31
(in millions of U.S. dollars, except where noted) | 2018 | 2017
CALCULATION OF EARNINGS PER SHARE |  |
Loss from continuing operations | (1,070.8) | (158.0)
Net loss | (1,225.7) | (108.0)
Basic weighted average number of shares outstanding (in millions) | 578.7 | 564.7
Dilution of securities: |  |
Stock options | - | -
Diluted weighted average number of shares outstanding (in millions) | 578.7 | 564.7
Loss from continuing operations per share: |  |
Basic | (1.85) | (0.28)
Diluted | (1.85) | (0.28)
Net loss per share: |  |
Basic | (2.12) | (0.19)
Diluted | (2.12) | (0.19)
The following table lists the equity securities excluded from the calculation of diluted loss per share. Equity securities are excluded when their respective exercise prices exceeded the average market price of the Company’s common shares of C$2.32 for the year ended December 31, 2018 (2017 –C$4.22). Additionally, all stock options are excluded from the calculation of diluted earnings per share when the Company is in a net loss position.
| Year ended December 31
(in millions of units) | 2018 | 2017
EQUITY SECURITIES EXCLUDED FROM THE CALCULATION OF DILUTED EARNINGS PER SHARE |  |
Stock options | 8.6 | 13.1

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