Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Analysis of Common Share Balances

An analysis of Common Share balances is as follows:

(number of shares in millions)	2015		2014		2013
Share capital, January 1	166.1		175.4		173.9
CP Common Shares repurchased	(13.7	)	(10.3	)	—
Shares issued under stock option plan	0.6		1.0		1.5
Share capital, December 31	153.0		166.1		175.4

Activities Under Shares Repurchase Program

The following table provides the activities under the

share repurchase program:

	2015
Number of Common Shares repurchased(1)	13,549,977
Weighted-average price per share	$	202.79
Amount of repurchase (in millions)(2)	$	2,748

⁽¹⁾ Excludes shares repurchased and not yet cancelled in the prior year.

⁽²⁾ Includes brokerage fees.