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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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