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## ALGONQUIN POWER & UTILITIES CORP. Notes to the Consolidated Financial Statements December 31, 2012 and 2011  (in thousands of Canadian dollars except as noted and amounts per share) 

## 14. Shareholders’ capital (continued) 

(c) Share-based compensation (continued) 

i) Stock option plan (continued) 

The following assumptions were used in determining the fair value of share options granted: 

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Stock option activity during the period is as follows: 

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Non-vested stock option activity during the period is as follows: 

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