10. Common shares

thousands of shares

As at
Dec. 31
2013

As at

Dec. 31

2012

Authorized

1,100,000

1,100,000

From 1995 through 2012, the company purchased shares under eighteen 12-month normal course issuer bid share repurchase programs, as well as an auction tender. On June 25, 2013, another 12-month normal course issuer bid program was implemented with an allowable purchase of up to a maximum of one million shares. Unlike prior programs, this maximum amount is not reduced by common shares purchased for the company’s employee savings plan, the company’s employee retirement plan and from Exxon Mobil Corporation. The results of these activities are as shown below.


Year	Purchased shares (thousands)		Millions of dollars
1995 to 2011		903,765		15,580
2012		2,776		128
2013		-		-
Cumulative purchases to date		906,541		15,708

ExxonMobil’s participation in the above maintained its ownership interest in Imperial at 69.6 percent.

The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.

The company’s common share activities are summarized below:


	Thousands of shares			Millions of dollars
Balance as at January 1, 2011		847,599			1,511
Issued under employee share-based awards		1,262			19
Purchases at stated value		(1,262	)		(2	)
Balance as at December 31, 2011		847,599			1,528
Issued under employee share-based awards		2,776			43
Purchases at stated value		(2,776	)		(5	)
Balance as at December 31, 2012		847,599			1,566
Issued under employee share-based awards		-			-
Purchases at stated value		-			-
Balance as at December 31, 2013		847,599			1,566

The following table provides the calculation of basic and diluted earnings per share:


	2013		2012		2011
Net income per common share – basic
Net income (millions of dollars)		2,828		3,766		3,371

Weighted average number of common shares outstanding
(millions of shares)		847.6		847.7		847.7

Net income per common share (dollars)		3.34		4.44		3.98

Net income per common share - diluted
Net income (millions of dollars)		2,828		3,766		3,371

Weighted average number of common shares outstanding
(millions of shares)		847.6		847.7		847.7
Effect of employee share-based awards (millions of shares)		3.0		3.4		5.9
Weighted average number of common shares outstanding, assuming dilution (millions of shares)		850.6		851.1		853.6

Net income per common share (dollars)		3.32		4.42		3.95