v3.22.4
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [abstract]  
Summary of the activity related to restricted share units The following table presents a summary of the activity related to our restricted share units:
US$ denominated
Number of unitsWeighted average grant-date
fair value
Non-vestedVested
Outstanding, January 1, 20202,101,733 — $6.70 
Granted357,966 — 11.11 
Vested(982,395)982,395 6.51 
Exercised — (982,395)6.51 
Forfeited(93,662)— 7.12 
Outstanding, December 31, 20201,383,642 — 7.94 
Granted1,383,983 — 27.26 
Vested(805,429)805,429 7.29 
Exercised(1)
— (805,429)7.29 
Forfeited(111,389)— 20.16 
Outstanding, December 31, 20211,850,807 — 21.94 
Granted821,223 59,512 26.41 
Vested(798,373)798,373 16.63 
Exercised(1)
— (857,885)17.52 
Forfeited(267,836)— 19.85 
Outstanding, December 31, 20221,605,821 — $27.10 
______________________________________________
(1)During the year ended December 31, 2022, 360,044 RSUs and PSUs (2021 - 32,244 RSUs) were exercised and settled with subordinate voting shares issued from treasury, and 497,841 Phantom RSUs and Phantom PSUs (2021 - 773,185 Phantom RSUs and Phantom PSUs) were exercised and cash-settled for $11 million (2021 - $26 million) based on a weighted average share price on the dates of exercises of $22.01 (2021 - $33.24).
202220212020
Phantom TELUS
Corporation restricted
share units		Phantom TELUS
Corporation restricted
share units		Phantom TELUS
Corporation restricted
share units
Years Ended December 31 Canadian $ denominatedNon-vestedVestedWeighted
average
grant-date
fair value		Non-vestedVestedWeighted
average
grant-date
fair value		Non-vestedVestedWeighted
average
grant-date
fair value
Outstanding, beginning of year78,011 — $24.20 156,749 — $24.17 253,622 — $23.78 
Granted— — — 24,757 — 27.58 13,217 — 24.97 
Vested(59,549)59,549 24.13 (85,154)85,154 23.96 (113,737)113,737 25.49 
Exercised(1)
— (59,549)24.13 — (86,745)25.22 — (113,737)25.49 
Dividends1,568 — 30.85 5,023 1,591 27.43 10,156 — 15.42 
Forfeited(20,030)— 24.92 (23,364)— 24.72 (6,509)— 23.59 
Outstanding, end of year— — $— 78,011 — $24.20 156,749 — $24.17 
_________________________________________________(1)During the year ended December 31, 2022, Phantom TELUS Corporation RSUs exercised were cash-settled for CAD$2 million (2021 - CAD$2 million), reflecting the share price on the date of exercise of CAD$28.67 (2021 - CAD$27.58).
Summary of the activity related to share option awards
The following table presents a summary of the activity related to our share option awards.
US $ denominatedCanadian $ denominated
Number of share
option units		Number of share
option units
Non-vestedVestedWeighted
average
exercise
price		Non-vestedVestedWeighted
average
exercise
price
Outstanding, January 1, 20204,476,658 — $6.91 — 242,244 $4.75 
Vested(3,822,025)3,822,025 6.21 — — — 
Exercised— (554,602)6.21 — — — 
Outstanding, December 31, 2020654,633 3,267,423 6.94 — 242,244 4.75 
Granted579,949 — 25.00 — — — 
Vested(150,397)150,397 5.78 — — — 
Exercised(1)
— (1,321,238)5.74 — (242,244)4.75 
Outstanding, December 31, 20211,084,185 2,096,582 10.74 — — — 
Vested(293,860)293,860 8.46 — — — 
Exercised(1)
— (293,860)8.46 — — — 
Forfeited(209,610)— $6.59 — — $— 
Outstanding, December 31, 2022(2)
580,715 2,096,582 $11.31 — — $— 
Exercisable, December 31, 2022— 2,096,582 $7.45 — — $— 
_________________________________________________
(1)During the year ended December 31, 2022, 159,354 Share Options (2021 - 715,884 Share Options) were exercised and settled for 65,859 shares (2021 - 382,367 shares) issued from treasury, net of withholding taxes paid, and 134,506 Phantom Share Options (2021 - 847,598 Phantom Share Options) were exercised and cash-settled for $2 million (2021 - $22 million, $5 million of which was accrued and paid in January 2022), reflecting the intrinsic value at the date of settlement and a weighted average share price on the dates of exercises of $23.75 (2021 - $31.23).
(2)For options outstanding at the end of the period, the exercise prices ranged from $4.87 to $8.95 for 2,223,121 options (2021 - $4.87 to $8.95 for 2,600,818 options) with a weighted-average remaining contractual life of 4.2 years (2021 - 5.6 years), and $25.00 for 454,176 options (2021 - $25 for 579,949 options) with a weighted-average remaining expected life of 8.2 years (2021 - 9.2 years).
Weighted average fair value assumptions used in the Black-Scholes valuation for stock options The weighted average fair value of Share Options granted during the year ended December 31, 2021, and the weighted average assumptions used in the fair value estimation at the time of grant, calculated by using the Black-Scholes model, are as follows:
Year Ended December 312021
Share option award fair value (per share option)$5.34
Risk free interest rate0.73%
Expected lives (years)6.5
Expected volatility19.30%
Dividend yield—