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Share Capital | 12 Months Ended
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Dec. 31, 2019
Share Capital, Reserves And Other Equity Interest [Abstract] |
Share Capital | Share Capital AUTHORIZED Preferred shares issuable in a series. Unlimited number of common shares without par value.
|  | 2019 |  | 2018
Issued Common shares |  | Number of shares (thousands) |  |  | Amount |  |  | Number of shares (thousands) |  |  | Amount |
Balance – beginning of year |  | 1,201,886 |  |  | $ | 9,323 |  |  | 1,222,769 |  |  | $ | 9,109 |
Issued upon exercise of stock options |  | 10,871 |  |  | 360 |  |  | 9,975 |  |  | 332 |
Previously recognized liability on stock options exercised for common shares |  | — |  |  | 53 |  |  | — |  |  | 120 |
Purchase of common shares under Normal Course Issuer Bid |  | (25,900 | ) |  | (203 | ) |  | (30,858 | ) |  | (238 | )
Balance – end of year |  | 1,186,857 |  |  | $ | 9,533 |  |  | 1,201,886 |  |  | $ | 9,323 |
PREFERRED SHARES Preferred shares are issuable in a series. If issued, the number of shares in each series, and the designation, rights, privileges, restrictions and conditions attached to the shares will be determined by the Board of Directors of the Company. DIVIDEND POLICY The Company has paid regular quarterly dividends in each year since 2001. The dividend policy undergoes periodic review by the Board of Directors and is subject to change. On March 4, 2020, the Board of Directors declared a quarterly dividend of $0.425 per common share, an increase from the previous quarterly dividend of $0.375 per common share, beginning with the dividend payable on April 1, 2020. On March 6, 2019, the Board of Directors declared a quarterly dividend of $0.375 per common share, an increase from the previous quarterly dividend of $0.335 per common share. On February 28, 2018, the Board of Directors declared a quarterly dividend of $0.335 per common share, an increase from the previous quarterly dividend of $0.275 per common share. On March 1, 2017, the Board of Directors declared a quarterly dividend of $0.275 per common share. NORMAL COURSE ISSUER BID On May 21, 2019, the Company's application was approved for a Normal Course Issuer Bid to purchase through the facilities of the Toronto Stock Exchange, alternative Canadian trading platforms, and the New York Stock Exchange, up to 59,729,706 common shares, over a 12-month period commencing May 23, 2019 and ending May 22, 2020. The Company's Normal Course Issuer Bid announced in May 2018 expired on May 22, 2019. For the year ended December 31, 2019, the Company purchased 25,900,000 common shares at a weighted average price of $36.32 per common share for a total cost of $941 million. Retained earnings were reduced by $738 million, representing the excess of the purchase price of common shares over their average carrying value. Subsequent to December 31, 2019, the Company purchased 6,970,000 common shares at a weighted average price of $38.84 per common share for a total cost of $271 million. SHARE-BASED COMPENSATION – STOCK OPTIONS The Company’s Option Plan provides for the granting of stock options to employees. Stock options granted under the Option Plan have terms ranging from five to six years to expiry and vest over a five-year period. The exercise price of each stock option granted is determined at the closing market price of the common shares on the Toronto Stock Exchange on the day prior to the grant. Each stock option granted provides the holder the choice to purchase one common share of the Company at the stated exercise price or receive a cash payment equal to the difference between the stated exercise price and the market price of the Company’s common shares on the date of surrender of the stock option. The Option Plan is a "rolling 7%" plan, whereby the aggregate number of common shares that may be reserved for issuance under the plan shall not exceed 7% of the common shares outstanding from time to time. The following table summarizes information relating to stock options outstanding at December 31, 2019 and 2018:
|  | 2019 |  | 2018
|  | Stock options (thousands) |  |  | Weighted average exercise price |  |  | Stock options (thousands) |  |  | Weighted average exercise price |
Outstanding – beginning of year |  | 46,685 |  |  | $ | 37.92 |  |  | 56,036 |  |  | $ | 36.67 |
Granted |  | 16,314 |  |  | $ | 34.84 |  |  | 4,256 |  |  | $ | 43.75 |
Surrendered for cash settlement |  | (1,003 | ) |  | $ | 34.52 |  |  | (392 | ) |  | $ | 33.46 |
Exercised for common shares |  | (10,871 | ) |  | $ | 33.16 |  |  | (9,975 | ) |  | $ | 33.28 |
Forfeited |  | (3,479 | ) |  | $ | 37.65 |  |  | (3,240 | ) |  | $ | 38.76 |
Outstanding – end of year |  | 47,646 |  |  | $ | 38.04 |  |  | 46,685 |  |  | $ | 37.92 |
Exercisable – end of year |  | 17,057 |  |  | $ | 38.74 |  |  | 19,436 |  |  | $ | 36.03 |
The range of exercise prices of stock options outstanding and exercisable at December 31, 2019 was as follows:
|  |  |  | Stock options outstanding |  | Stock options exercisable
Range of exercise prices | Stock options outstanding (thousands) |  |  | Weighted average remaining term (years) |  | Weighted average exercise price |  |  | Stock options exercisable (thousands) |  |  | Weighted average exercise price |
$22.90 | - | $24.99 |  | 2,361 |  |  | 1.03 |  | $ | 22.90 |  |  | 1,579 |  |  | $ | 22.90 |
$25.00 | - | $29.99 |  | 3,524 |  |  | 1.04 |  | $ | 28.85 |  |  | 2,236 |  |  | $ | 28.85 |
$30.00 | - | $34.99 |  | 5,174 |  |  | 4.97 |  | $ | 32.38 |  |  | 536 |  |  | $ | 32.58 |
$35.00 | - | $39.99 |  | 16,635 |  |  | 3.91 |  | $ | 36.85 |  |  | 2,263 |  |  | $ | 37.62 |
$40.00 | - | $44.99 |  | 16,117 |  |  | 2.24 |  | $ | 43.60 |  |  | 8,939 |  |  | $ | 43.58 |
$45.00 | - | $46.74 |  | 3,835 |  |  | 3.06 |  | $ | 45.20 |  |  | 1,504 |  |  | $ | 45.13 |
|  |  |  | 47,646 |  |  | 3.04 |  | $ | 38.04 |  |  | 17,057 |  |  | $ | 38.74 |

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