During 2013, we paid $43.6 (including transaction fees) to repurchase and cancel 4.1 million subordinate voting shares under the 2013 NCIB, at a weighted average price of $10.70 per share. At December 31, 2013, we recorded a liability of $9.8, representing the estimated cash required to repurchase the remaining 0.9 million subordinate voting shares available for purchase under the ASPP described above.
We grant share unit awards to employees under our stock-based compensation plans. We have the option to satisfy the delivery of shares upon vesting of the awards by purchasing subordinate voting shares in the open market or by settling such awards in cash. Under one of these plans, we also have the option to satisfy the delivery of shares by issuing new subordinate voting shares from treasury, subject to certain limits. From time-to-time, we pay cash for the purchase by a trustee of subordinate voting shares in the open market to satisfy the delivery of shares upon vesting of awards. For accounting purposes, we classify these shares as treasury stock until they are delivered pursuant to the plans. During the fourth quarter of 2014, we did not purchase any subordinate voting shares in the open market to satisfy the delivery requirements under our stock-based compensation plans. During the first nine months of 2014, we paid $23.9 (including transaction fees) for the trustee's purchase of 2.2 million subordinate voting shares in the open market (outside of any NCIB period) for such purpose. During the fourth quarter and full year 2013, we paid $2.4 and $12.8 (including transaction fees), respectively, for the trustee's purchase in the open market of 0.2 million and 1.3 million subordinate voting shares, respectively, for such purpose. At December 31, 2014, the trustee held 2.0 million subordinate voting shares with a value of $21.4 (December 31, 2013 — 1.3 million subordinate voting shares with a value of $12.0).
The following table outlines the activities for stock-based awards granted to employees (activities for deferred share units (DSUs) issued to directors are excluded) for the year ended December 31, 2014:
|
Number of awards (in millions) |
|
Options |
|
RSUs |
|
PSUs (i) | ||||||
|
|
|
|
|
|
|
|
|
|
| |||
|
Outstanding at December 31, 2013............................................................................................... |
|
5.3 |
|
|
3.5 |
|
|
5.4 |
| |||
|
Granted (i)........................................................................................................................................ |
|
— |
|
|
2.1 |
|
|
2.6 |
| |||
|
Exercised or settled (ii)................................................................................................................... |
|
(1.1) |
|
|
(2.0) |
|
|
(0.5) |
| |||
|
Forfeited/expired............................................................................................................................. |
|
(0.9) |
|
|
(0.2) |
|
|
(1.4) |
| |||
|
Outstanding at December 31, 2014............................................................................................... |
|
3.3 |
|
|
3.4 |
|
|
6.1 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
|
Weighted-average grant date fair value of options and share units granted........................ |
|
$ |
— |
|
|
$ |
9.33 |
|
|
$ |
9.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) |
During 2014, we granted 2.6 million (2013 — 2.1 million) performance share units (PSUs), of which 60% vest based on the achievement of a market performance condition tied to Total Shareholder Return (TSR), and the balance vest based on a non-market performance condition based on pre-determined financial targets. See note 2(n) of our 2013 annual audited consolidated financial statements for a description of TSR. We estimated the grant date fair value of the TSR-based PSUs using a Monte Carlo simulation model. The grant date fair value of the non-TSR-based PSUs is determined by the market value of our subordinate voting shares at the time of grant and may be adjusted in subsequent periods to reflect a change in the estimated level of achievement related to the applicable performance condition. We expect to settle these awards with subordinate voting shares purchased in the open market by a trustee or issued from treasury. The number of PSUs that will actually vest will vary from 0 to the amount set forth in the table above as outstanding at December 31, 2014 (representing the maximum potential payout) depending on the level of achievement of the relevant performance conditions. |
|
|
|
|
(ii) |
During the fourth quarter and full year 2014, we received cash proceeds of $0.4 and $7.8, respectively (fourth quarter and full year 2013 — $1.0 and $7.1, respectively) relating to the exercise of stock options granted to employees. |
