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Shareholders' capital (Tables)
 12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Number of Common Shares
Number of common shares 
 
 
2018
 
2017
Common shares, beginning of year
 
431,765,935

 
274,087,018

Public offering (a)(i)
 
50,041,624

 
43,470,000

Conversion of convertible debentures (note 12(h))
 
56,926

 
108,370,081

Dividend reinvestment plan (a)(ii)
 
5,880,843

 
3,905,848

Exercise of share-based awards (c)
 
1,106,105

 
1,932,988

Common shares, end of year
 
488,851,433

 
431,765,935
Schedule of Shares Issued and Outstanding
The Company has the following Series A and Series D preferred shares issued and outstanding as at December 31, 2018 and 2017:
Preferred shares
Number of shares
 
Price per share
 
Carrying amount C$
 
Carrying amount $
Series A
4,800,000

 
C$
25

 
C$
116,546

 
$
100,463

Series D
4,000,000

 
C$
25

 
C$
97,259

 
$
83,836

 
 
 
 
 


 
$
184,299
Share-Based Compensation Expense
For the year ended December 31, 2018, APUC recorded $9,458 (2017 - $8,361) in total share-based compensation expense detailed as follows: 
 
2018
 
2017
Share options
$
2,054

 
$
3,070

Director deferred share units
714

 
593

Employee share purchase
312

 
436

Performance and restricted share units
6,378

 
4,262

Total share-based compensation
$
9,458

 
$
8,361
Fair Value of Share Options Granted
The following assumptions were used in determining the fair value of share options granted: 
 
2018
 
2017
Risk-free interest rate
2.1
%
 
1.4
%
Expected volatility
21
%
 
25
%
Expected dividend yield
4.8
%
 
4.3
%
Expected life
5.50 years

 
5.50 years

Weighted average grant date fair value per option
C$
1.41

 
C$
1.45
Stock Option Activity
Share option activity during the years is as follows: 
 
Number of
awards
 
Weighted
average
exercise
price
 
Weighted
average
remaining
contractual
term
(years)
 
Aggregate
intrinsic
value
Balance, January 1, 2017
6,045,014

 
C$
9.64

 
6.27

 
C$
10,595

Granted
2,328,343

 
12.82

 
8.00

 
—

Exercised
(1,634,501
)
 
7.81

 
3.76

 
7,696

Balance, December 31, 2017
6,738,856

 
C$
11.18

 
6.32

 
C$
19,380

Granted
1,166,717

 
12.80

 
8.00

 
—

Exercised
(1,589,211
)
 
10.66

 
5.02

 
5,059

Forfeited
(23,720
)
 
12.80

 
—

 
—

Balance, December 31, 2018
6,292,642

 
C$
11.61

 
5.75

 
C$
13,342

Exercisable, December 31, 2018
3,198,175

 
C$
10.44

 
4.93

 
C$
10,501
Performance Stock Units
A summary of the PSUs and RSUs follows: 
 
Number of awards
 
Weighted
average
grant-date
fair value
 
Weighted
average
remaining
contractual
term (years)
 
Aggregate
intrinsic
value
Balance, January 1, 2017
578,988

 
C$
9.82

 
1.74

 
C$
6,595

Granted, including dividends
811,974

 
13.54

 
2.00

 
—

Exercised
(374,973
)
 
8.33

 
—

 
4,394

Forfeited
(60,961
)
 
12.61

 
—

 
—

Balance, December 31, 2017
955,028

 
C$
12.30

 
1.84

 
C$
13,428

Granted, including dividends
791,524

 
12.41

 
2.00

 
—

Exercised
(285,551
)
 
10.02

 
—

 
3,691

Forfeited
(68,869
)
 
13.02

 
—

 
—

Balance, December 31, 2018
1,392,132

 
C$
12.75

 
1.60

 
C$
19,114

Exercisable, December 31, 2018
173,533

 
C$
11.66

 
—

 
C$
2,383

 
(v)
Bonus deferral RSUs
During the year, the Company introduced a new bonus deferral RSU program to certain of its employees. Eligible employees have the option to receive a portion or all of their annual bonus payment in RSUs in lieu of cash. The RSUs provide for settlement in shares, and therefore these options are accounted for as equity awards. The RSUs granted are 100% vested and therefore, compensation expense associated with RSUs is recognized immediately upon issuance.







13.
Shareholders’ capital (continued)
(c)
Share-based compensation (continued)
(iv)
Bonus deferral RSUs
A summary of the bonus deferral RSUs follows:
 
Number of  awards
 
Weighted
average
grant-date
fair value
 
Aggregate
intrinsic
value
Balance, December 31, 2017
—

 
C$
—

 
$
—

Granted, including dividends
131,611

 
12.82

 
—

Exercised
(4,545
)
 
12.82

 
61

Balance and exercisable, December 31, 2018
127,066

 
C$
12.82

 
C$
1,745