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Common shares
 12 Months Ended
Dec. 31, 2014
Common shares

10. Common shares

 

thousands of shares

As at   

Dec. 31   

2014   

  

As at

Dec. 31

2013

  

Authorized

   1,100,000         1,100,000   

From 1995 through 2014 the company purchased shares under nineteen 12-month normal course issuer bid share repurchase programs, as well as an auction tender. Cumulative purchases to date under these programs totalled 906,543 thousand shares and $15,708 million. ExxonMobil’s participation in these programs maintained its ownership interest in Imperial at 69.6 percent. On June 25, 2014, another 12-month normal course issuer bid program was implemented with an allowable purchase of up to a maximum of one million shares.

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, 2012

   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   

Issued under employee share-based awards

   2      -   

Purchases at stated value

   (2 )    -   

Balance as at December 31, 2014

   847,599      1,566   

 

The following table provides the calculation of basic and diluted earnings per share:

 

   2014       2013     2012    

Net income per common share – basic

 

Net income (millions of dollars)

   3,785          2,828        3,766   

Weighted average number of common shares outstanding (millions of shares)

   847.6          847.6        847.7   

Net income per common share (dollars)

   4.47          3.34        4.44   

Net income per common share - diluted

 

Net income (millions of dollars)

   3,785          2,828        3,766   

Weighted average number of common shares outstanding (millions of shares)

   847.6          847.6        847.7   

Effect of employee share-based awards (millions of shares)

   3.0          3.0        3.4   

Weighted average number of common shares outstanding, assuming dilution (millions of shares)

   850.6          850.6        851.1   

Net income per common share (dollars)

   4.45          3.32        4.42