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Common shares | 12 Months Ended
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Dec. 31, 2013
Common shares | 10. Common shares
thousands of shares |  | As at Dec. 31 2013 |  |  | As at Dec. 31 2012 |
Authorized |  |  | 1,100,000 |  |  |  | 1,100,000 |
From 1995 through 2012, the company purchased shares under eighteen 12-month normal course issuer bid share repurchase programs, as well as an auction tender. On June 25, 2013, another 12-month normal course issuer bid program was implemented with an allowable purchase of up to a maximum of one million shares. Unlike prior programs, this maximum amount is not reduced by common shares purchased for the company’s employee savings plan, the company’s employee retirement plan and from Exxon Mobil Corporation. The results of these activities are as shown below.
Year |  | Purchased shares (thousands) |  |  | Millions of dollars |
1995 to 2011 |  |  | 903,765 |  |  |  | 15,580 |
2012 |  |  | 2,776 |  |  |  | 128 |
2013 |  |  | - |  |  |  | - |
Cumulative purchases to date |  |  | 906,541 |  |  |  | 15,708 |
ExxonMobil’s participation in the above maintained its ownership interest in Imperial at 69.6 percent. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The company’s common share activities are summarized below:
|  | Thousands of shares |  |  | Millions of dollars |
Balance as at January 1, 2011 |  |  | 847,599 |  |  |  | 1,511 |
Issued under employee share-based awards |  |  | 1,262 |  |  |  | 19 |
Purchases at stated value |  |  | (1,262 | ) |  |  | (2 | )
Balance as at December 31, 2011 |  |  | 847,599 |  |  |  | 1,528 |
Issued under employee share-based awards |  |  | 2,776 |  |  |  | 43 |
Purchases at stated value |  |  | (2,776 | ) |  |  | (5 | )
Balance as at December 31, 2012 |  |  | 847,599 |  |  |  | 1,566 |
Issued under employee share-based awards |  |  | - |  |  |  | - |
Purchases at stated value |  |  | - |  |  |  | - |
Balance as at December 31, 2013 |  |  | 847,599 |  |  |  | 1,566 |
The following table provides the calculation of basic and diluted earnings per share:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Net income per common share – basic |  |  |  |  |  |  |  |  |  |  |  |
Net income (millions of dollars) |  |  | 2,828 |  |  |  | 3,766 |  |  |  | 3,371 |
Weighted average number of common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |
(millions of shares) |  |  | 847.6 |  |  |  | 847.7 |  |  |  | 847.7 |
Net income per common share (dollars) |  |  | 3.34 |  |  |  | 4.44 |  |  |  | 3.98 |
Net income per common share - diluted |  |  |  |  |  |  |  |  |  |  |  |
Net income (millions of dollars) |  |  | 2,828 |  |  |  | 3,766 |  |  |  | 3,371 |
Weighted average number of common shares outstanding |  |  |  |  |  |  |  |  |  |  |  |
(millions of shares) |  |  | 847.6 |  |  |  | 847.7 |  |  |  | 847.7 |
Effect of employee share-based awards (millions of shares) |  |  | 3.0 |  |  |  | 3.4 |  |  |  | 5.9 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) |  |  | 850.6 |  |  |  | 851.1 |  |  |  | 853.6 |
Net income per common share (dollars) |  |  | 3.32 |  |  |  | 4.42 |  |  |  | 3.95 |

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- Definition Common share information and schedule of earnings per share calculations + References No definition available. + Details
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