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SHARE CAPITAL | 12 Months Ended
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Dec. 31, 2015
SHARE CAPITAL |
SHARE CAPITAL | 21.SHARE CAPITAL The authorized share capital of the Company consists of an unlimited number of common shares with no par value and an unlimited number of preference shares. COMMON SHARES
|  | 2015 |  | 2014 |  | 2013 |
December 31, |  | Number of Shares |  | Amount |  | 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 |  | 805 |  | 4,732 |
Common shares issued 1 |  | - |  | - |  | 9 |  | 446 |  | 13 |  | 582 |
Dividend Reinvestment and Share |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase Plan (DRIP) |  | 12 |  | 646 |  | 9 |  | 428 |  | 8 |  | 361 |
Shares issued on exercise of stock options |  | 4 |  | 76 |  | 3 |  | 51 |  | 5 |  | 69 |
Balance at end of year |  | 868 |  | 7,391 |  | 852 |  | 6,669 |  | 831 |  | 5,744 |
| 1 |  | Gross proceeds - nil (2014 - $460 million; 2013 - $600 million); net issuance costs - nil (2014 - $14 million; 2013 - $18 million).
PREFERENCE SHARES
|  | 2015 |  | 2014 |  | 2013 |
December 31, |  | Number of Shares |  | Amount |  | 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 |  | 5 |  | 125 |
Preference Shares, Series B |  | 20 |  | 500 |  | 20 |  | 500 |  | 20 |  | 500 |
Preference Shares, Series D |  | 18 |  | 450 |  | 18 |  | 450 |  | 18 |  | 450 |
Preference Shares, Series F |  | 20 |  | 500 |  | 20 |  | 500 |  | 20 |  | 500 |
Preference Shares, Series H |  | 14 |  | 350 |  | 14 |  | 350 |  | 14 |  | 350 |
Preference Shares, Series J |  | 8 |  | 199 |  | 8 |  | 199 |  | 8 |  | 199 |
Preference Shares, Series L |  | 16 |  | 411 |  | 16 |  | 411 |  | 16 |  | 411 |
Preference Shares, Series N |  | 18 |  | 450 |  | 18 |  | 450 |  | 18 |  | 450 |
Preference Shares, Series P |  | 16 |  | 400 |  | 16 |  | 400 |  | 16 |  | 400 |
Preference Shares, Series R |  | 16 |  | 400 |  | 16 |  | 400 |  | 16 |  | 400 |
Preference Shares, Series 1 |  | 16 |  | 411 |  | 16 |  | 411 |  | 16 |  | 411 |
Preference Shares, Series 3 |  | 24 |  | 600 |  | 24 |  | 600 |  | 24 |  | 600 |
Preference Shares, Series 5 |  | 8 |  | 206 |  | 8 |  | 206 |  | 8 |  | 206 |
Preference Shares, Series 7 |  | 10 |  | 250 |  | 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 | ) |  |  | (111 | )
Balance at end of period |  |  |  | 6,515 |  |  |  | 6,515 |  |  |  | 5,141 |
Characteristics of the preference shares are as follows:
|  | Initial Yield |  | Dividend 1 |  | Per Share Base Redemption Value 2 |  | Redemption and Conversion Option Date | 2,3 | Right to Convert Into | 3,4
(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)).
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 12 million (2014 - 12 million; 2013 - 15 million) 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.
December 31, |  | 2015 |  | 2014 |  | 2013 |
(number of common shares in millions) |  |  |  |  |  |  |
Weighted average shares outstanding |  | 847 |  | 829 |  | 806 |
Effect of dilutive options |  | 11 |  | 11 |  | 11 |
Diluted weighted average shares outstanding |  | 858 |  | 840 |  | 817 |
For the year ended December 31, 2015, 7,960,028 anti-dilutive stock options (2014 - 6,058,580; 2013 - 6,327,500) with a weighted average exercise price of $55.81 (2014 - $48.78; 2013 - $44.85) were excluded from the diluted earnings per common share calculation. DIVIDEND REINVESTMENT AND SHARE PURCHASE PLAN Under the DRIP, registered shareholders may reinvest dividends in common shares of the Company and make additional optional cash payments to purchase common shares, free of brokerage or other charges. Participants in the Company’s DRIP receive a 2% discount on the purchase of common shares with reinvested dividends. SHAREHOLDER RIGHTS PLAN The Shareholder Rights Plan is designed to encourage the fair treatment of shareholders in connection with any takeover offer for the Company. Rights issued under the plan become exercisable when a person and any related parties acquires or announces its intention to acquire 20% or more of the Company’s outstanding common shares without complying with certain provisions set out in the plan or without approval of the Company’s Board of Directors. Should such an acquisition occur, each rights holder, other than the acquiring person and related parties, will have the right to purchase common shares of the Company at a 50% discount to the market price at that time.

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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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