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Shareholders' capital (Tables) | 12 Months Ended
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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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