XML 38 R21.htm IDEA: XBRL DOCUMENT v3.24.0.1
Common Stock
 12 Months Ended
Dec. 31, 2023
Common Stock [Abstract]  
Common Stock
11.
 
COMMON STOCK
Authorized
:
 
Unlimited number of non-par value common shares.
2023
2022
Issued and outstanding:
millions
of shares
 
millions of
dollars
millions of
shares
 
millions of
dollars
Balance, January 1
 
269.95
$
 
7,762
 
261.07
$
 
7,242
Issuance of common stock under ATM program
(1)(2)
 
8.29
 
397
 
4.07
 
248
Issued under the DRIP,
 
net of discounts
 
5.26
 
272
 
4.21
 
238
Senior management stock options exercised and Employee Share
Purchase Plan
 
0.62
 
31
 
0.60
 
34
Balance, December 31
 
284.12
$
 
8,462
 
269.95
$
 
7,762
(1) For the year ended December 31, 2022, a total of
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).
(2) For the year ended December 31, 2023, a total of
8,287,037
 
common shares were issued under Emera's ATM program
 
at an
average price of $
48.27
 
per share for gross proceeds of $
400
 
million ($
397
 
million net of after-tax issuance costs).
As at December 31, 2023, the following common shares were reserved for issuance:
6
 
million (2022 –
6
million) under the senior management stock option plan,
2
 
million (2022 –
2.7
 
million) under the employee
common share purchase plan and
18
 
million (2022 –
10
 
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, 2023,
Emera was in compliance with this requirement.
ATM Equity Program
On October 3, 2023, Emera filed a short form base shelf prospectus, primarily in support of the renewal of
its ATM Program in Q4 2023 that will allow 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.
This ATM Program is expected to remain in effect until November 4, 2025.