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Equity based compensation
 12 Months Ended
Dec. 31, 2018
Disclosure Of Equity Based Compensation [Abstract]  
Disclosure of share-based payment arrangements [text block]
15. Equity based compensation
 
The following table summarizes the number of awards outstanding under the VIP and the Five-Year Compensation Arrangement:
 
Number of Awards ('000s)
2018
 
2017
Opening balance
1,685
 
 
1,738
 
Granted
932
 
 
563
 
Vested
(520
)
 
(539
)
Forfeited
(166
)
 
(77
)
Closing balance
1,931
 
 
1,685
 
 
For the year ended December 31, 2018, the awards granted had a weighted average fair value of $40.57 (2017 - $49.44). Equity based compensation expense is calculated based on the number of awards outstanding multiplied by the estimated performance factor that will be realized upon vesting (2018 - 1.9; 2017 -
1.9
) adjusted by an estimated annual forfeiture rate (2018 - 4.6%; 2017 - 4.4%). Equity based compensation expense of $48.2 million was recorded during the year ended December 31, 2018 (2017 - $52.3 million) relating to the awards.
 
As at December 31, 2018, 36,845 awards included in the closing balance related to the Five-Year Compensation Arrangement.