Precision’s omnibus equity incentive plan (Omnibus Plan) allows the Corporation to settle short-term incentive awards (annual bonus) and long-term incentive awards (options, performance share units and restricted share units) issued on or after February 8, 2017 in voting shares of Precision (either issued from treasury or purchased in the open market), cash, or a combination of both. Precision intends to settle all short-term incentive, restricted share unit and performance share unit awards issued under the Omnibus Plan in cash and to settle options in voting shares.

Award unit and share option quantities and share option exercise prices have been retrospectively adjusted to reflect the 20:1 share consolidation as described in Note 17(c).

	Restricted Share Units			Performance Share Units			Executive Performance Share Units		Non- Management Directors’ DSUs			Total
Balance, December 31, 2018	$	5,409		$	4,521		$	—	$	2,481		$	12,411
Expensed during the period		5,755			1,583			—		855			8,193
Payments		(3,846	)		(3,246	)		—		—			(7,092	)
Balance, December 31, 2019		7,318			2,858			—		3,336			13,512
Expensed during the period		3,119			2,787			—		(1,551	)		4,355
Reclassification from equity-settled plans		—			—			6,833		—			6,833
Payments		(3,813	)		(894	)		—		(176	)		(4,883	)
Balance, December 31, 2020	$	6,624		$	4,751		$	6,833	$	1,609		$	19,817
Current		4,212			1,120			2,978		—			8,310
Long-term		2,412			3,631			3,855		1,609			11,507
	$	6,624		$	4,751		$	6,833	$	1,609		$	19,817

Precision has various cash-settled share based incentive plans for officers and other eligible employees. Under the Restricted Share Unit (RSU) incentive plan, shares granted to eligible employees vest annually over a three-year term. Vested shares are automatically paid out in cash at a value determined by the fair market value of the shares at the vesting date. Under the Performance Share Unit (PSU) incentive plan, shares granted to eligible employees vest at the end of a three-year term. Vested shares are automatically paid out in cash in the first quarter following the vested term at a value determined by the fair market value of the shares at the vesting date and based on the number of performance shares held multiplied by a performance factor that ranges from zero to two times. The performance factor is based on Precision’s share price performance compared to a peer group over the three-year period.

A summary of the RSUs and PSUs outstanding under these share based incentive plans is presented below:

	RSUs Outstanding			PSUs Outstanding
December 31, 2018		202,796			227,150
Granted		209,368			101,945
Redeemed		(75,284	)		(66,138	)
Forfeited		(19,976	)		(96,189	)
December 31, 2019		316,904			166,768
Granted		363,253			502,558
Redeemed		(127,884	)		(39,028	)
Forfeited		(67,491	)		(64,919	)
December 31, 2020		484,782			565,379

Precision grants Executive PSUs to certain senior executives. Prior to the fourth quarter of 2020, units were granted with the intention of settling them in voting shares of the Corporation either issued from treasury or purchased in the open market. On December 31, 2020, pursuant to the Omnibus Plan, Precision changed its intention and anticipates settling the Executive PSUs in cash. Accordingly, $7 million of previously expensed share based compensation charges have been reclassified to a financial liability at December 31, 2020.

Executive PSUs vest over a three-year period and incorporate performance criteria established at the date of grant that can adjust the number of performance share units available for settlement from zero to two times the amount originally granted.

A summary of the activity under this share based incentive plan is presented below:

During the first quarter of 2020, pursuant to the omnibus equity incentive plan, Precision elected to cash-settle vested Executive PSUs. Precision reclassified $1 million of previously expensed share-based compensation charges to establish a financial liability that was subsequently settled during the quarter.

Included in net loss for the year ended December 31, 2020 is an expense of $15 million (2019 – $12 million).

Precision has a deferred share unit (DSU) plan for non-management directors whereby fully vested DSUs are granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in DSUs. These DSUs are redeemable in cash or for an equal number of common shares upon the director’s retirement. The redemption of DSUs in cash or common shares is solely at Precision’s discretion. Non-management directors can receive a lump sum payment or two separate payments any time up until December 15 of the year following retirement. If the non-management director does not specify a redemption date, the DSUs will be redeemed on a single date six months after retirement. The cash settlement amount is based on the weighted average trading price for Precision’s shares on the Toronto Stock Exchange for the five days immediately prior to payout. A summary of the DSUs outstanding under this share based incentive plan is presented below:

During the second quarter of 2020, Precision elected to settle the redemption of DSUs in common shares.

Under this plan, the exercise price of each option equals the fair market value of the option at the date of grant determined by the weighted average trading price for the five days preceding the grant. The options are denominated in either Canadian or U.S. dollars, and vest over a period of three years from the date of grant, as employees render continuous service to the Corporation, and have a term of seven years.

Canadian Share Options	Options Outstanding			Range of Exercise Prices	Weighted Average Exercise Price		Options Exercisable
December 31, 2018		236,658		$ 87.00 – 286.20	$	155.56		189,324
Forfeited		(35,579	)	143.00 – 213.40		210.29
December 31, 2019		201,079		87.00 – 286.20		145.88		178,453
Forfeited		(52,414	)	87.00 – 203.00		165.79
December 31, 2020		148,665		$ 87.00 – 286.20	$	138.86		141,156

U.S. Share Options	Options Outstanding			Range of Exercise Prices (US$)	Weighted Average Exercise Price (US$)		Options Exercisable
December 31, 2018		303,293		$ 64.20 – 214.80	$	103.47		161,204
Granted		29,965		51.20 – 51.20		51.20
Forfeited		(15,105	)	155.80 – 214.80		213.54
December 31, 2019		318,153		51.20 – 183.60		93.32		217,441
Forfeited		(34,360	)	64.20 – 183.60		151.92
December 31, 2020		283,793		$ 51.20 – 183.60	$	86.23		239,521

Canadian Share Options	Total Options Outstanding						Options Exercisable
Range of Exercise Prices:	Number		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)		Number		Weighted Average Exercise Price
$ 87.00 – 139.99		47,970	$	88.17		3.09		40,461	$	88.38
140.00 – 279.99		99,710		161.80		1.19		99,710		161.80
280.00 – 286.20		985		286.20		0.34		985		286.20
$ 87.00 – 286.20		148,665	$	138.86		1.80		141,156	$	141.62

U.S. Share Options	Total Options Outstanding						Options Exercisable
Range of Exercise Prices (US$):	Number		Weighted Average Exercise Price (US$)		Weighted Average Remaining Contractual Life (Years)		Number		Weighted Average Exercise Price (US$)
$ 51.20 – 79.99		176,603	$	64.01		3.49		132,331	$	65.04
80.00 – 139.99		91,240		112.21		2.38		91,240		112.21
140.00 – 183.60		15,950		183.60		0.12		15,950		183.60
$ 51.20 – 183.60		283,793	$	86.23		2.94		239,521	$	90.90

No options were granted during 2020. The per option weighted average fair value of the share options granted during 2019 was $30.80 estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: average risk-free interest rate of 2.5%, average expected life of four years, expected forfeiture rate of 5% and expected volatility of 57%. Included in net loss for the year ended December 31, 2020 is an expense of $1 million (2019 – $2 million).

Prior to January 1, 2012, Precision had a deferred share unit plan for non-management directors. Under the plan, fully vested deferred share units were granted quarterly based on an election by the non-management director to receive all or a portion of his or her compensation in deferred share units. These deferred share units are redeemable into an equal number of common shares any time after the director’s retirement. A summary of this share based incentive plan is presented below: