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v3.19.3.a.u2

Shareholders' capital (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Equity [Abstract] |
Number of Common Shares | Number of common shares
|  | 2019 |  | 2018
Common shares, beginning of year |  | 488,851,433 |  |  | 431,765,935 |
Public offering (a)(i) and (a)(ii) |  | 28,009,341 |  |  | 50,041,624 |
Dividend reinvestment plan (a)(iii) |  | 6,068,465 |  |  | 5,880,843 |
Exercise of share-based awards (c) |  | 1,274,655 |  |  | 1,106,105 |
Conversion of convertible debentures (note 12(h)) |  | 19,429 |  |  | 56,926 |
Common shares, end of year |  | 524,223,323 |  |  | 488,851,433 |
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, 2019 and 2018:
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, 2019, APUC recorded $10,553 (2018 - $9,458) in total share-based compensation expense detailed as follows:
| 2019 |  | 2018
Share options | $ | 1,288 |  |  | $ | 2,054 |
Director deferred share units | 798 |  |  | 714 |
Employee share purchase | 322 |  |  | 312 |
Performance and restricted share units | 8,145 |  |  | 6,378 |
Total share-based compensation | $ | 10,553 |  |  | $ | 9,458 |
Fair Value of Share Options Granted | The following assumptions were used in determining the fair value of share options granted:
| 2019 |  | 2018
Risk-free interest rate | 1.9 | % |  | 2.1 | %
Expected volatility | 20 | % |  | 21 | %
Expected dividend yield | 4.3 | % |  | 4.8 | %
Expected life | 5.50 years |  |  | 5.50 years |
Weighted average grant date fair value per option | C$ | 1.66 |  |  | C$ | 1.41 |
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, 2018 | 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 |
Granted | 1,113,775 |  |  | 14.96 |  |  | 8.00 |  |  | — |
Exercised | (3,882,505 | ) |  | 11.23 |  |  | 4.45 |  |  | 6,225 |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Balance, December 31, 2019 | 3,523,912 |  |  | C$ | 13.09 |  |  | 5.87 |  |  | C$ | 18,609 |
Exercisable, December 31, 2019 | 1,735,241 |  |  | C$ | 12.57 |  |  | 5.43 |  |  | C$ | 14,559 |
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, 2018 | 955,028 |  |  | C$ | 12.30 |  |  | 1.84 |  |  | C$ | 13,428 |
Granted, including dividends | 791,524 |  |  | 12.41 |  |  | 2.00 |  |  | 10,098 |
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 |
Granted, including dividends | 1,471,442 |  |  | 14.69 |  |  | 2.00 |  |  | 16,302 |
Exercised | (344,340 | ) |  | 11.55 |  |  | — |  |  | 5,148 |
Forfeited | (107,191 | ) |  | 13.84 |  |  | — |  |  | — |
Balance, December 31, 2019 | 2,412,043 |  |  | C$ | 14.00 |  |  | 1.86 |  |  | C$ | 44,309 |
Exercisable, December 31, 2019 | 743,787 |  |  | C$ | 13.21 |  |  | — |  |  | C$ | 13,663 |
(v) | Bonus deferral RSUs
During 2018, 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)
(vi) | Bonus deferral RSUs
A summary of the bonus deferral RSUs follows

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