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Share Capital
 12 Months Ended
Dec. 31, 2021
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.
2021

2020
Issued Common Shares
Number
of shares
(thousands)
Amount
Number
of shares
(thousands)
Amount
Balance – beginning of year
1,183,866 

$9,606 1,186,857 $9,533 
Issued upon exercise of stock options18,147 

707 3,979 108 
Previously recognized liability on stock options exercised for common shares— 

139 — 21 
Purchase of common shares under Normal Course Issuer Bid(33,644)

(284)(6,970)(56)
Balance – end of year
1,168,369 $10,168 1,183,866 $9,606 
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 2, 2022, the Board of Directors approved a 28% increase in the quarterly dividend to $0.75 per common share, beginning with the dividend payable on April 5, 2022. On November 3, 2021, the Board of Directors approved a 25% increase in the quarterly dividend to $0.5875 per common share, from $0.47 per common share. On March 3, 2021, the Board of Directors approved an 11% increase in the quarterly dividend to $0.47 per common share, from $0.425 per common share. On March 4, 2020, the Board of Directors approved a 13% increase in the quarterly dividend to $0.425 per common share, from $0.375 per common share. On March 6, 2019, the Board of Directors approved a 12% increase in the quarterly dividend to $0.375 per common share, from $0.335 per common share. The dividend policy undergoes periodic review by the Board of Directors and is subject to change.
NORMAL COURSE ISSUER BID
On March 9, 2021, the Company's application was approved for a Normal Course Issuer Bid to purchase through the facilities of the Toronto Stock Exchange ("TSX"), alternative Canadian trading platforms, and the New York Stock Exchange ("NYSE"), up to 59,278,474 common shares, over a 12-month period commencing March 11, 2021 and ending March 10, 2022.
For the year ended December 31, 2021, the Company purchased 33,644,400 common shares at a weighted average price of $46.98 per common share for a total cost of $1,581 million. Retained earnings were reduced by $1,297 million, representing the excess of the purchase price of common shares over their average carrying value. Subsequent to December 31, 2021, the Company purchased 10,500,000 common shares at a weighted average price of $64.79 per common share for a total cost of $680 million.
On March 2, 2022, the Board of Directors approved a resolution authorizing the Company to file a Notice of Intention with the TSX to purchase, by way of a Normal Course Issuer Bid, up to 10% of the public float (as determined in accordance with the rules of the TSX) of its issued and outstanding common shares. Subject to acceptance of the Notice of Intention by the TSX, the purchases would be made through facilities of the TSX, alternative Canadian trading platforms, and the NYSE.
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 TSX 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, 2021 and 2020:
 
20212020
 
Stock options
(thousands)
Weighted
 average
 exercise price
Stock options
(thousands)
Weighted
 average
 exercise price
Outstanding – beginning of year
48,656 $37.53 47,646 $38.04 
Granted12,547 $34.39 12,032 $32.89 
Exercised for common shares(18,147)$38.97 (3,979)$27.24 
Surrendered for cash settlement(1,324)$40.54 (757)$29.34 
Forfeited(3,405)$35.73 (6,286)$39.65 
Outstanding – end of year
38,327 $35.88 48,656 $37.53 
Exercisable – end of year
7,841 $39.19 17,970 $39.59 
The range of exercise prices of stock options outstanding and exercisable at December 31, 2021 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
$20.76–$24.992,697 3.31$20.95 566 $20.76 
$25.00–$29.997,526 4.21$29.21 1 $28.63 
$30.00–$34.992,726 3.58$32.37 219 $32.56 
$35.00–$39.9915,227 2.59$37.46 3,148 $37.34 
$40.00–$44.997,679 2.74$42.04 2,894 $43.23 
$45.00–$49.991,839 1.42$45.19 1,013 $45.14 
$50.00–$54.24633 5.83$54.24 — $— 
 
38,327 3.06$35.88 7,841 $39.19