Common shares (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Common Shares

thousands of shares	As at Dec. 31 2013		As at Dec. 31 2012
Authorized		1,100,000		1,100,000

Results of Share Repurchase Program Activities

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

Common Share Activities

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

Calculation of Basic and Diluted Earnings Per Share

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