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SHARE CAPITAL (Tables)
 12 Months Ended
Dec. 31, 2015
SHARE CAPITAL  
Schedule of common shares

 

COMMON SHARES

 

 

2015

 

2014

December 31,

 

Number
of Shares

 

Amount

 

Number
of Shares

 

Amount

 

 

 

 

 

 

 

 

 

(millions of Canadian dollars; number of common shares in millions)

 

 

 

 

 

 

 

 

Balance at beginning of year

 
852 

 
6,669

 
831 

 
5,744

Common shares issued1

 

-

 

-

 
9 

 
446

Dividend Reinvestment and Share Purchase Plan (DRIP)

 
12 

 
646

 
9 

 
428

Shares issued on exercise of stock options

 
4 

 
76

 
3 

 
51

Balance at end of year

 
868 

 
7,391

 
852 

 
6,669

1

Gross proceeds - nil (2014 - $460 million); net issuance costs - nil (2014 - $14 million).

 

Schedule of preference shares

 

PREFERENCE SHARES

 

 

2015

 

2014

December 31,

 

Number
of Shares

 

Amount

 

Number
of Shares

 

Amount

 

 

 

 

 

 

 

 

 

(millions of Canadian dollars; number of preference shares in millions)

 

 

 

 

 

 

 

 

Preference Shares, Series A

 
5 

 
125

 
5 

 
125

Preference Shares, Series B

 
20 

 
500

 
20 

 
500

Preference Shares, Series D

 
18 

 
450

 
18 

 
450

Preference Shares, Series F

 
20 

 
500

 
20 

 
500

Preference Shares, Series H

 
14 

 
350

 
14 

 
350

Preference Shares, Series J

 
8 

 
199

 
8 

 
199

Preference Shares, Series L

 
16 

 
411

 
16 

 
411

Preference Shares, Series N

 
18 

 
450

 
18 

 
450

Preference Shares, Series P

 
16 

 
400

 
16 

 
400

Preference Shares, Series R

 
16 

 
400

 
16 

 
400

Preference Shares, Series 1

 
16 

 
411

 
16 

 
411

Preference Shares, Series 3

 
24 

 
600

 
24 

 
600

Preference Shares, Series 5

 
8 

 
206

 
8 

 
206

Preference Shares, Series 7

 
10 

 
250

 
10 

 
250

Preference Shares, Series 9

 
11 

 
275

 
11 

 
275

Preference Shares, Series 11

 
20 

 
500

 
20 

 
500

Preference Shares, Series 13

 
14 

 
350

 
14 

 
350

Preference Shares, Series 15

 
11 

 
275

 
11 

 
275

Issuance costs

 

 

 
(137)

 

 

 
(137)

Balance at end of period

 

 

 
6,515

 

 

 
6,515

 

Schedule of characteristics of preference shares

 

 

 

Initial
Yield

 

Dividend1

 

Per Share Base

Redemption

Value2

 

Redemption and

Conversion

Option Date2,3

 

Right to

Convert

Into3,4

(Canadian dollars unless otherwise stated)

 

 

 

 

 

 

 

 

 

 

Preference Shares, Series A

 
5.5%

 
$
1.375

 
$
25

 

-

 

-

Preference Shares, Series B

 
4.0%

 
$
1.000

 
$
25

 

June 1, 2017

 

Series C

Preference Shares, Series D

 
4.0%

 
$
1.000

 
$
25

 

March 1, 2018

 

Series E

Preference Shares, Series F

 
4.0%

 
$
1.000

 
$
25

 

June 1, 2018

 

Series G

Preference Shares, Series H

 
4.0%

 
$
1.000

 
$
25

 

September 1, 2018

 

Series I

Preference Shares, Series J

 
4.0%

 

US$1.000

 

US$25

 

June 1, 2017

 

Series K

Preference Shares, Series L

 
4.0%

 

US$1.000

 

US$25

 

September 1, 2017

 

Series M

Preference Shares, Series N

 
4.0%

 
$
1.000

 
$
25

 

December 1, 2018

 

Series O

Preference Shares, Series P

 
4.0%

 
$
1.000

 
$
25

 

March 1, 2019

 

Series Q

Preference Shares, Series R

 
4.0%

 
$
1.000

 
$
25

 

June 1, 2019

 

Series S

Preference Shares, Series 1

 
4.0%

 

US$1.000

 

US$25

 

June 1, 2018

 

Series 2

Preference Shares, Series 3

 
4.0%

 
$
1.000

 
$
25

 

September 1, 2019

 

Series 4

Preference Shares, Series 5

 
4.4%

 

US$1.100

 

US$25

 

March 1, 2019

 

Series 6

Preference Shares, Series 7

 
4.4%

 
$
1.100

 
$
25

 

March 1, 2019

 

Series 8

Preference Shares, Series 9

 
4.4%

 
$
1.100

 
$
25

 

December 1, 2019

 

Series 10

Preference Shares, Series 11

 
4.4%

 
$
1.100

 
$
25

 

March 1, 2020

 

Series 12

Preference Shares, Series 13

 
4.4%

 
$
1.100

 
$
25

 

June 1, 2020

 

Series 14

Preference Shares, Series 15

 
4.4%

 
$
1.100

 
$
25

 

September 1, 2020

 

Series 16

1

The holder is entitled to receive a fixed, cumulative, quarterly preferential dividend per year, as declared by the Board of Directors of the Company.

2

Preference Shares, Series A may be redeemed any time at the Company’s option. For all other series of Preference Shares, the Company, may at its option, redeem all or a portion of the outstanding Preference Shares for the Base Redemption Value per share plus all accrued and unpaid dividends on the Redemption Option Date and on every fifth anniversary thereafter.

3

The holder will have the right, subject to certain conditions, to convert their shares into Cumulative Redeemable Preference Shares of a specified series on a one-for-one basis on the Conversion Option Date and every fifth anniversary thereafter at an ascribed issue price equal to the Base Redemption Value.

4

Holders will be entitled to receive quarterly floating rate cumulative dividends per share at a rate equal to: $25 x (number of days in quarter/365) x (90-day Government of Canada treasury bill rate + 2.4% (Series C), 2.4% (Series E), 2.5% (Series G), 2.1% (Series I), 2.7% (Series O), 2.5% (Series Q), 2.5% (Series S), 2.4% (Series 4), 2.6% (Series 8), 2.7% (Series 10), 2.6% (Series 12), 2.7% (Series 14) or 2.7% (Series 16); or US$25 x (number of days in quarter/365) x (three-month United States Government treasury bill rate + 3.1% (Series K), 3.2% (Series M), 3.1% (Series 2) or 2.8% (Series 6)).

 

 

Schedule of weighted average shares outstanding basic and diluted used for calculating earnings per common share

 

December 31,

 
2015

 
2014

 

 

 

 

 

(number of common shares in millions)

 

 

 

 

Weighted average shares outstanding

 
847

 
829

Effect of dilutive options

 
11

 
11

Diluted weighted average shares outstanding

 
858

 
840