Content
Consolidated Statements of Shareholders’ Equity
| Year ended December 31, | 2008 | 2007 | 2006 | ||||||
(millions of Canadian dollars, except per share amounts) |
|||||||||
| Preferred Shares (Note 18) | 125.0 | 125.0 | 125.0 | ||||||
| Common Shares (Note 18) | |||||||||
| Balance at beginning of year | 3,026.5 | 2,416.1 | 2,343.8 | ||||||
| Common shares issued | – | 566.4 | – | ||||||
| Dividend reinvestment and share purchase plan | 131.3 | 17.7 | 18.4 | ||||||
| Shares issued on exercise of stock options | 36.2 | 26.3 | 53.9 | ||||||
| Balance at End of Year | 3,194.0 | 3,026.5 | 2,416.1 | ||||||
| Contributed Surplus | |||||||||
| Balance at beginning of year | 25.7 | 18.3 | 10.0 | ||||||
| Stock-based compensation | 14.5 | 8.9 | 10.5 | ||||||
| Options exercised | (2.3 | ) | (1.5 | ) | (2.2 | ) | |||
| Balance at End of Year | 37.9 | 25.7 | 18.3 | ||||||
| Retained Earnings | |||||||||
| Balance at beginning of year | 2,537.3 | 2,322.7 | 2,098.2 | ||||||
| Earnings applicable to common shareholders | 1,320.8 | 700.2 | 615.4 | ||||||
| Common share dividends | (489.3 | ) | (452.3 | ) | (403.1 | ) | |||
| Dividends paid to reciprocal shareholder | 14.6 | 13.7 | 12.2 | ||||||
| Cumulative impact of change in accounting policy (Note 2) | – | (47.0 | ) | – | |||||
| Balance at End of Year | 3,383.4 | 2,537.3 | 2,322.7 | ||||||
| Accumulated Other Comprehensive Income/(Loss) (Note 20) | |||||||||
| Balance at beginning of year | (285.0 | ) | (135.8 | ) | (171.8 | ) | |||
| Other comprehensive income/(loss) | 317.8 | (197.4 | ) | 36.0 | |||||
| Cumulative impact of change in accounting policy (Note 2) | – | 48.2 | – | ||||||
| Balance at End of Year | 32.8 | (285.0 | ) | (135.8 | ) | ||||
| Reciprocal Shareholding (Note 10) | |||||||||
| Balance at beginning of year | (154.3 | ) | (135.7 | ) | (135.7 | ) | |||
| Participation in common shares issued | – | (18.6 | ) | – | |||||
| Balance at End of Year | (154.3 | ) | (154.3 | ) | (135.7 | ) | |||
| Total Shareholders' Equity | 6,618.8 | 5,275.2 | 4,610.6 | ||||||
| Dividends Paid per Common Share | 1.32 | 1.23 | 1.15 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.