Preferred Shares (Tables)

12 Months Ended

Dec. 31, 2018

TransAlta is authorized to issue an unlimited number of voting common shares without nominal or par value.



As at Dec. 31	2018				2017
	Common shares (millions)		Amount		Common shares (millions)	Amount
Issued and outstanding, beginning of year	287.9		3,094		287.9	3,095
Purchased and cancelled under the NCIB	(3.3	)	(35	)	—	—
	284.6		3,059		287.9	3,095
Amounts receivable under Employee Share Purchase Plan	—		—		—	(1	)
Issued and outstanding, end of year	284.6		3,059		287.9	3,094

The following are the effects of the Corporation's purchase and cancellation of the common shares during the year ended Dec. 31, 2018:



Total shares purchased⁽¹⁾	3,264,500
Average purchase price per share	$	7.02
Total cost	23
Weighted average book value of shares cancelled	35
Increase to retained earnings	12

All preferred shares issued and outstanding are non-voting cumulative redeemable fixed rate first preferred shares.



As at Dec. 31	2018		2017
Series	Number of shares (millions)	Amount	Number of shares (millions)	Amount
Series A	10.2	248	10.2	248
Series B	1.8	45	1.8	45
Series C	11.0	269	11.0	269
Series E	9.0	219	9.0	219
Series G	6.6	161	6.6	161
Issued and outstanding, end of year	38.6	942	38.6	942

Characteristics specific to each first preferred share series as at Dec. 31, 2018, are as follows:



Series	Rate during term	Annual dividend rate per share ($)	Next conversion date	Rate spread over Benchmark (per cent)	Convertible to Series
A	Fixed	0.67725	March 31, 2021	2.03	B
B	Floating	0.93575	March 31, 2021	2.03	A
C	Fixed	1.00675	June 30, 2022	3.10	D
D	Floating	—	—	3.10	C
E	Fixed	1.29850	Sept. 30, 2022	3.65	F
F	Floating	—	—	3.65	E
G	Fixed	1.32500	Sept. 30, 2019	3.80	H
H	Floating	—	—	3.80	G

The following table summarizes the preferred share dividends declared in 2018, 2017 and 2016: