Equity (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Class A Common Shares and Class B Subordinate Voting Shares Issued and Outstanding

b)	Class A Common Shares and Class B Subordinate Voting Shares Issued and Outstanding


Shares (in 000’s)	Class A Common Shares			Class B Subordinate Voting Shares
As at January 1, 2016		9,353			566,899
Options exercised (c)		—			647

As at December 31, 2016		9,353			567,546
Class A share conversion		(1,576	)		1,576
Options exercised (c)		—			2,275
Acquired and cancelled pursuant to normal course issuer bid (h)		—			(5,891	)

As at December 31, 2017		7,777			565,506

Summary of Weighted Average Assumptions

The weighted average fair value of Class B share options granted in the year was estimated at $8.32 per option (2016 — $1.81) at the grant date based on the Black-Scholes option-pricing model using the following assumptions:


	2017			2016
Weighted average exercise price	$	27.79		$	5.48
Dividend yield		2.20	%		1.85	%
Risk-free interest rate		1.06	%		0.72	%
Expected option life		4.2 years			4.2 years
Expected volatility		42	%		46	%
Forfeiture rate		0.36	%		0.96	%

Summary of Outstanding Share Options

Outstanding share options are as follows:


	2017					2016
	Share Options (in 000’s)			Weighted Average Exercise Price		Share Options (in 000’s)			Weighted Average Exercise Price
Outstanding at beginning of year		22,854		$	18.38		15,929		$	26.53
Granted		2,011			27.79		8,946			5.48
Exercised		(2,275	)		11.47		(647	)		12.15
Forfeited		(78	)		16.25		(219	)		10.74
Expired		(444	)		40.40		(1,155	)		35.73

Outstanding at end of year		22,068		$	19.52		22,854		$	18.38

Vested and exercisable at end of year		12,266		$	24.94		9,090		$	29.70

Summary of Information Relating to Share Options Outstanding

Information relating to share options outstanding at December 31, 2017, is as follows:


Outstanding Share Options (in 000’s)	Exercise Price Range		Weighted Average Remaining Life of Outstanding Options (months)
8,018	$	4.15 — $12.35		91
5,083	$	12.36 — $20.14		86
2,734	$	20.15 — $26.79		74
4,527	$	26.80 — $36.85		77
1,706	$	36.86 — $58.80		45

22,068	$	4.15 — $58.80		81

Summary of Outstanding Units

The outstanding Units are summarized in the following table:

2017

2016

(in 000’s)

Outstanding

Vested

Outstanding

Vested

DSUs

2,648

2,423

2,597

2,119

RSUs

2,823

1,699

3,316

1,327

PSUs

1,517

869

1,554

616

PDSUs

—

7,058

5,011

7,467

4,062

Summary of Accumulated Other Comprehensive Income (Loss)

e)	Accumulated Other Comprehensive Income


(CAD$ in millions)	2017			2016
Accumulated other comprehensive income — beginning of year	$	422		$	426
Currency translation differences:
Unrealized losses on translation of foreign subsidiaries		(488	)		(201	)
Foreign exchange differences on debt designated as a hedge of our investment in foreign subsidiaries (net of taxes of $(46) and $(27))		341			180

		(147	)		(21	)
Available-for-sale financial assets:
Unrealized gains (losses) (net of taxes of $1 and $(6))		(4	)		45
Gains reclassified to profit (net of taxes of $1 and $4)		(6	)		(29	)

		(10	)		16
Share of other comprehensive income (loss) of associates and joint ventures		(1	)		1
Remeasurements of retirement benefit plans (net of taxes of $(55) and $(7))		129			19

Total other comprehensive income (loss)		(29	)		15
Less remeasurements of retirement benefit plans recorded in retained earnings		(129	)		(19	)

Accumulated other comprehensive income — end of year	$	264		$	422

f)	Earnings Per Share

Summary of Basic and Diluted Earnings Per Share

The following table reconciles our basic and diluted earnings per share:


(CAD$ in millions, except per share data)	2017		2016
Net basic and diluted profit attributable to shareholders of the company	$	2,509	$	1,040

Weighted average shares outstanding (000’s)		577,482		576,391
Dilutive effect of share options		8,910		6,496

Weighted average diluted shares outstanding (000’s)		586,392		582,887

Basic earnings per share	$	4.34	$	1.80
Diluted earnings per share	$	4.28	$	1.78