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SHARE CAPITAL
 12 Months Ended
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