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Shareholders' capital (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Number of Common Shares

Number of common shares 

						2020						2019
Common shares, beginning of year						524,223,323						488,851,433
Public offering						66,130,063						28,009,341
Dividend reinvestment plan						5,217,071						6,068,465
Exercise of share-based awards (b)						1,565,537						1,274,655
Conversion of convertible debentures						6,225						19,429
Common shares, end of year						597,142,219						524,223,323

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, 2020 and 2019:

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, 2020, AQN recorded $24,637 (2019 - $11,042) in total share-based compensation expense as follows: 

			2020						2019
Share options			$	1,743					$	1,288
Director deferred share units			870						798
Employee share purchase			511						322
Performance and restricted share units			21,513						8,634
Total share-based compensation			$	24,637					$	11,042

Fair Value of Share Options Granted

The following assumptions were used in determining the fair value of share options granted: 

			2020						2019
Risk-free interest rate			1.2		%				1.9		%
Expected volatility			24		%				20		%
Expected dividend yield			4.1		%				4.3		%
Expected life			5.50 years						5.50 years
Weighted average grant date fair value per option			C$	2.72					C$	1.66

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, 2019			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
Balance, December 31, 2019			3,523,912						C$	13.09					5.87						C$	18,609
Granted			999,962						16.78						7.27						—
Exercised			(2,386,275)						12.52						5.16						18,465
Forfeited			(27,151)						14.96						—						—
Balance, December 31, 2020			2,110,448						C$	15.45					6.55						C$	11,604
Exercisable, December 31, 2020			1,710,662						C$	15.22					6.44						C$	9,798

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, 2019			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
Granted, including dividends			1,313,171						19.31						2.00						24,966
Exercised			(968,470)						14.45						—						20,105
Forfeited			(35,537)						15.62						—						745
Balance, December 31, 2020			2,721,207						C$	16.58					0.93						C$	44,289
Exercisable, December 31, 2020			707,630						C$	12.70					—						C$	14,825

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