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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

17. Stock-Based Compensation

Performance Share Unit Plan

Emera has a performance share unit (PSU) plan, and TEC employees started participating in the plan in 2017.  The PSU liability is marked-to-market at the end of each period based on the common share price in CAD at the end of the period. Emera common shares are traded on the Toronto Stock Exchange under the symbol EMA.

 

Under the PSU plan, executive and senior employees are eligible for long-term incentives payable through the PSU plan.  PSUs are granted annually for three-year overlapping performance cycles.  PSUs are granted based on the average of Emera’s stock closing price for the fifty trading days prior to a given calculation date. Dividend equivalents are awarded and are used to purchase additional PSUs, also referred to as the Dividend Reinvestment Plan (DRIP).  The PSU value varies according to the Emera common share market price and corporate performance.

 

PSUs vest at the end of the three-year cycle and will be calculated and approved by the Emera Management Resources and Compensation Committee early in the following year.  The value of the payout considers actual service over the performance cycle and will be pro-rated in the case of retirement, disability or death.

 

A summary of the activity related to TEC employee PSUs for the year ended December 31, 2017 is presented in the following table:

 

 

 

 

 

 

 

Weighted

 

 

Aggregate

 

 

 

Number of

 

 

Average Grant

 

 

Intrinsic

 

 

 

Units

 

 

Date Fair Value

 

 

Value

 

 

 

(Thousands)

 

 

(Per Unit)

 

 

(Millions)

 

Outstanding as of December 31, 2016

 

 

0

 

 

$

0

 

 

$

0

 

Granted including DRIP

 

 

144

 

 

 

45.40

 

 

 

6

 

Exercised

 

 

(5

)

 

 

30.57

 

 

 

0

 

Forfeited

 

 

(17

)

 

 

45.41

 

 

 

(1

)

Transferred

 

 

11

 

 

 

38.51

 

 

 

1

 

Outstanding as of December 31, 2017

 

 

133

 

 

$

45.11

 

 

$

6

 

 

Compensation cost recognized for the PSU plan for the year ended December 31, 2017 was $2 million. Tax benefits related to this compensation cost for share units realized for the year ended December 31, 2017 were $1 million. As of December 31, 2017, there was $4 million of unrecognized compensation cost related to non-vested PSUs that is expected to be recognized over a weighted-average period of two years.