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Common Stock
 12 Months Ended
Dec. 31, 2022
11. Common Stock  
Common Stock
11.
 
COMMON STOCK
Authorized
:
 
Unlimited number of non-par value common shares.
2022
2021
Issued and outstanding:
millions
of shares
 
millions of
dollars
millions of
shares
 
millions of
dollars
Balance, December 31, 2021
 
261.07
$
 
7,242
 
251.43
$
 
6,705
Issuance of common stock under ATM program
(1)(2)
 
4.07
 
248
 
4.99
 
284
Issued under the DRIP,
 
net of discounts
 
4.21
 
238
 
3.90
 
215
Senior management stock options exercised and Employee Share
Purchase Plan
 
0.60
 
34
 
0.75
 
38
Balance, December 31, 2022
 
269.95
$
 
7,762
 
261.07
$
 
7,242
(1) As at December 31, 2021, a total of
4,987,123
 
common shares were issued under Emera's ATM
 
program at an average price of
$
57.63
 
per share for gross proceeds of $
287
 
million ($
284
 
million net of after-tax issuance costs).
(2) For the year ended December 31, 2022,
4,072,469
 
common shares were issued under Emera's ATM
 
program at an average price
of $
61.31
 
per share for gross proceeds of $
250
 
million ($
248
 
million net of after-tax issuance costs).
On August 12, 2021, Emera renewed its ATM Program that allows the Company to issue up to $
600
million of common shares from treasury to the public from time to time, at the Company's discretion, at
the prevailing market price. The ATM Program was renewed pursuant to a prospectus supplement to the
Company's short form base shelf prospectus dated August 5, 2021. The ATM program is expected to
remain in effect until September 5, 2023. As at December 31, 2022, an aggregate gross sales limit of
$
207
 
million remains available for issuance under the ATM program.
As at December 31, 2022, the following common shares were reserved for issuance:
6
 
million (2021 –
6.2
million) under the senior management stock option plan,
2.7
 
million (2021 –
3.1
 
million) under the
employee common share purchase plan and
10
 
million (2021 –
14.2
 
million) under the 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, 2022,
Emera is in compliance with this requirement.