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SHARE CAPITAL | 6 Months Ended
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Jun. 30, 2016
SHARE CAPITAL |
SHARE CAPITAL | 10. SHARE CAPITAL COMMON SHARES
|  | 2016 |  | 2015
June 30, |  | Number of Shares | Amount |  | Number of Shares | Amount
(millions of Canadian dollars; number of common shares in millions) |  |  |  |  |  |
Balance at beginning of period |  | 868 | 7,391 |  | 852 | 6,669
Common shares issued 1 |  | 56 | 2,241 |  | - | -
Dividend Reinvestment and Share Purchase Plan |  | 8 | 395 |  | 5 | 316
Shares issued on exercise of stock options |  | 2 | 25 |  | 3 | 54
Balance at end of period |  | 934 | 10,052 |  | 860 | 7,039
| 1 |  | Gross proceeds - $2,300 million (2015 - nil); net issuance costs - $59 million (2015 - nil).
EARNINGS PER COMMON SHARE Earnings per common share is calculated by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding has been reduced by the Company’s pro-rata weighted average interest in its own common shares of 13 million (2015 - 12 million) for the three and six months ended June 30, 2016, resulting from the Company’s reciprocal investment in Noverco. The treasury stock method is used to determine the dilutive impact of stock options. This method assumes any proceeds from the exercise of stock options would be used to purchase common shares at the average market price during the period.
| Three months ended June 30, |  | Six months ended June 30,
| 2016 | 2015 |  | 2016 | 2015
(number of shares in millions) |  |  |  |  |
Weighted average shares outstanding | 917 | 846 |  | 897 | 843
Effect of dilutive options | 8 | 12 |  | 7 | 13
Diluted weighted average shares outstanding | 925 | 858 |  | 904 | 856
For the three and six months ended June 30, 2016, 7,802,601 and 13,976,687 anti-dilutive stock options (2015 - 5,851,770) with a weighted average exercise price of $55.77 and $51.34 (2015 - $59.14) were excluded from the diluted earnings per common share calculation.

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- Definition The entire disclosure for shareholders' capital, comprised of portions attributable to the parent entity. Including, but not limited to: (1) balances of common stock, preferred stock, other capital; (2) Earning per share; (3) Dividend reinvestment plans; (4) other share related information. + References No definition available. + Details
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