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SHARE CAPITAL | 12 Months Ended
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Dec. 31, 2021
SHARE CAPITAL. |
SHARE CAPITAL | 25. SHARE CAPITAL Authorized Common Shares The company is authorized to issue an unlimited number of common shares without nominal or par value. Preferred Shares The company is authorized to issue an unlimited number of senior and junior preferred shares in series, without nominal or par value. Normal Course Issuer Bid During the first quarter of 2021, the company announced its intention to commence a new Normal Course Issuer Bid (the 2021 NCIB) to repurchase common shares through the facilities of the Toronto Stock Exchange (TSX), New York Stock Exchange (NYSE) and/or alternative trading systems. Pursuant to the 2021 NCIB, the company may repurchase for cancellation up to 44,000,000 common shares between February 8, 2021, and February 7, 2022. During the third quarter of 2021, Suncor received approval from the TSX to amend the 2021 NCIB effective as of the close of markets on July 30, 2021. The amended notice provides that Suncor may increase the maximum number of common shares that may be repurchased under the 2021 NCIB from February 8, 2021, and ending February 7, 2022, from 44,000,000 common shares, or approximately 2.9% of Suncor’s issued and outstanding common shares as at January 31, 2021, to 76,250,000 common shares, or approximately 5% of Suncor’s issued and outstanding common shares as at January 31, 2021. No other terms of the NCIB were amended. During the fourth quarter of 2021, Suncor received approval from the TSX to amend its existing NCIB effective as of the close of markets on October 29, 2021. The notice provides that Suncor may increase the maximum number of common shares that may be repurchased in the period beginning February 8, 2021, and ending February 7, 2022, from 76,250,000 shares, or approximately 5% of Suncor’s issued and outstanding common shares as at January 31, 2021, to 106,700,000, or approximately 7% of Suncor’s public float as at January 31, 2021. No other terms of the NCIB have been amended. For the twelve months ended December 31, 2021, the company repurchased 84.0 million common shares under the 2021 NCIB at an average price of $27.45 per share, for a total repurchase cost of $2.3 billion. Subsequent to the fourth quarter of 2021, the TSX accepted a notice filed by Suncor to renew its NCIB to purchase the company’s common shares through the facilities of the TSX, NYSE and/or alternative trading systems. The notice provides that, beginning February 8, 2022, and ending February 7, 2023, Suncor may purchase for cancellation up to 71,650,000 common shares, which is equal to approximately 5% of Suncor’s issued and outstanding common shares as at the date hereof. As at January 31, 2022, Suncor had 1,435,748,494 common shares issued and outstanding. The following table summarizes the share repurchase activities during the period:
​ | ​ | ​ | ​ | ​ | ​
($ millions, except as noted) |  | 2021 |  | 2020 |
Share repurchase activities (thousands of common shares) |  |  |  |  | ​
Shares repurchased |  | 83 959 |  | 7 527 | ​
Amounts charged to | ​ | ​ | ​ | ​ | ​
Share capital |  | 1 382 |  | 124 | ​
Retained earnings |  | 922 |  | 183 | ​
Share repurchase cost |  | 2 304 |  | 307 | ​
Average repurchase cost per share |  | 27.45 |  | 40.83 | ​
​ Under an automatic repurchase plan agreement with an independent broker, the company has recorded the following liability for share repurchases that may take place during its internal blackout period:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31 | ​ | December 31 | ​
($ millions) |  | 2021 |  | 2020 |
Amounts charged to | ​ | ​ | ​ | ​ | ​
Share capital |  | 120 |  | - | ​
Retained earnings |  | 110 |  | - | ​
Liability for share purchase commitment |  | 230 |  | - | ​
​

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