2023 Consolidated Financial Statements and Notes
AIR CANADA
2023 Consolidated Financial Statements and Notes
A summary of the Long-term Incentive Plan option activity is as follows:
Beginning of year
Granted
Exercised
Expired
Forfeited
Outstanding options, end of year
Options exercisable, end of year
2023
2022
Options
Weighted
Average Exercise
Options
Weighted
Average Exercise
Price/Share
Price/Share
5,304,745 $
26.39
4,420,051 $
25.72
1,644,782
19.88
1,242,544
24.25
(107,028)
10.64
(350,535)
10.47
(306)
12.64
(199,983)
23.44
(7,009)
23.80
6,642,516 $
25.10
5,304,745 $
26.39
3,037,801 $
26.90
2,405,704 $
25.12
The weighted average share price on the date of exercise for options exercised in 2023 was $20.73 (2022 - $20.30).
2023 Exercisable Options
2023 Outstanding Options
Weighted
Range of Exercise
Prices
Expiry
Dates
Number of
Options
Outstanding
Average
Remaining
Life (Years)
Weighted
Average
Exercise
Price/Share
Number of
Exercisable
Weighted
Average
Exercise
Options
Price/Share
$9.41
2026
68,498
3
9.41
68,498
9.41
$12.83 $26.40
2027
434,869
$22.53 $27.75
2028
824,758
$33.11 $43.22
2029
828,814
$15.35 $32.42
2030
1,141,435
$23.80 $26.93
2031
541,757
$17.37 $24.61
2032
1,164,354
4567 % 0
14.86
434,869
14.86
26.52
824,758
26.52
33.27
823,249
33.20
31.16
563,295
30.84
8
25.37
167,411
25.39
9
24.29
145,721
24.29
$17.61-$24.19
2033
1,638,031
6,642,516
10
19.88
10,000
24.19
$
25.10
3,037,801
$
26.90
2022 Outstanding Options
2022 Exercisable Options
Weighted
Number of
Range of Exercise
Prices
Expiry
Dates
Average
Options
Outstanding
Remaining
Weighted
Average
Exercise
Weighted
Number of
Average
Exercisable
Exercise
Life (Years)
Price/Share
Options
Price/Share
$9.23 - $9.61
2023
86,327
1
9.34
86,327
9.34
$9.41
2026
68,498
4
9.41
68,498
9.41
$12.83 $26.40
2027
451,405
5
14.82
451,405
14.82
$22.53 $27.75
2028
851,506
6
26.53
846,843
26.52
$33.11 $43.22
2029
837,189
7
33.28
401,914
33.26
$15.35 $32.42
2030
1,183,930
8
30.80
461,819
30.78
$23.80 $26.93
2031
583,346
9
25.35
88,898
25.37
$17.37 $24.61
2032
1,242,544
10
24.25
5,304,745
$
26.39
2,405,704 $
25.12
Performance and Restricted Share Units
The Long-term Incentive Plan also includes performance share units ("PSUs") and restricted share units ("RSUS"). 75%
of PSUs granted vest based on the Corporation achieving its cumulative annual earnings target over a three-year
period, while 25% of PSUs vest based on relative total shareholder returns over the same three-year period. RSUs
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