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Common shares (Tables)
 12 Months Ended
Dec. 31, 2014
Summary of Common Shares

thousands of shares

As at   

Dec. 31   

2014   

  

As at

Dec. 31

2013

  

Authorized

   1,100,000         1,100,000   
Common Share Activities

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   
Calculation of Basic and Diluted Earnings Per Share

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