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Common Stock | 12 Months Ended
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Dec. 31, 2019
Common Stock |
Common Stock | 9. COMMON STOCK
Authorized: Unlimited number of non-par value common shares. |  |  |  |  |  |
| 2019 |  | 2018
Issued and outstanding: | millions of shares | millions of Canadian dollars |  | millions of shares | millions of Canadian dollars
Balance, December 31, 2018 | 234.12 | $ | 5,816 |  | 228.77 | $ | 5,601
Conversion of Convertible Debentures | 0.03 |  | 1 |  | 0.01 |  | -
Issuance of common stock (1) | 1.77 |  | 99 |  | 0.45 |  | 22
Issued under Purchase Plans at market rate | 3.99 |  | 202 |  | 4.87 |  | 200
Discount on shares purchased under Dividend Reinvestment Plan | - |  | (7) |  | - |  | (9)
Options exercised under senior management share option plan | 2.57 |  | 104 |  | 0.02 |  | 1
Employee Share Purchase Plan | - |  | 1 |  | - |  | 1
Balance, December 31, 2019 | 242.48 | $ | 6,216 |  | 234.12 | $ | 5,816
(1) As at December 31, 2019 a total of 1.77 million common shares have been issued through Emera's at-the-market equity program ("ATM Program") at an average price of $56.56 per share for gross proceeds of $100 million ($98.7 million net of issuance costs).
On July 11, 2019, Emera established an ATM Program that allows the Company to issue up to $600 million of common shares to the public from time to time, at the Company's discretion, at the prevailing market price. The ATM Program was established under a prospectus supplement to the Company’s short-form base shelf prospectus which expires on July 14, 2021. As at December 3 1, 2019, an aggregate gross sales limit of $500 million remains available for issuance under the ATM program. As at December 31, 2019, the following common shares were reserved for issuance: 3.9 million (2018 – 6.5 million) under the senior management stock option plan, 0.9 million (2018 – 1 million) under the employee common share purchase plan and 8.8 millio n (2018 – 12.6 million) under the dividend reinvestment plan (“DRIP”). The issuance of common shares under the common share compensation arrangements does not allow the plans to exceed 10 per cent of Emera's outstanding common shares. As at December 31, 2019, Emera is in compliance with this requirement.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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