Exelon 2015 Annual Report Download - page 389

Table of Contents
Combined Notes to Consolidated Financial Statements—(Continued)
(Dollars in millions, except per share data unless otherwise noted)
19. Shareholder’s Equity (Exelon, ComEd, PECO and BGE)
The following table presents common stock authorized and outstanding as of December 31, 2015 and 2014:
December 31,
2015 2014
Par Value
Shares
Authorized Shares Outstanding
Common Stock
Exelon no par value 2,000,000,000 919,924,742 859,833,343
ComEd $12.50 250,000,000 127,016,973 127,016,947
PECO no par value 500,000,000 170,478,507 170,478,507
BGE no par value 175,000,000 1,000 1,000
ComEd had 73,434 and 73,533 warrants outstanding to purchase ComEd common stock at December 31, 2015 and 2014, respectively. The
warrants entitle the holders to convert such warrants into common stock of ComEd at a conversion rate of one share of common stock for three
warrants. At December 31, 2015 and 2014, 24,478 and 24,511 shares of common stock, respectively, were reserved for the conversion of
warrants.
Equity Securities Offering
In June 2014, Exelon marketed an equity offering of 57.5 million shares of its common stock at a public offering price of $35 per share. In
connection with such offering, Exelon entered into forward sale agreements with two counterparties. In July 2015, Exelon settled the forward sale
agreement by the issuance of 57.5 million shares of Exelon common stock. Exelon received net cash proceeds of $1.87 billion, which was
calculated based on a forward price of $32.48 per share as specified in the forward sale agreements. Use of net proceeds will be to fund the
pending merger with PHI and related costs and expenses, and for general corporate purposes. The forward sale agreements are classified as
equity transactions. As a result, no amounts were recorded in the consolidated financial statements until the July 2015 settlement of the forward
sale agreements. However, prior to the July 2015 settlement, incremental shares, if any, were included within the calculation of diluted EPS using
the treasury stock method.
Concurrent with the forward equity transaction, Exelon also issued $1.15 billion of junior subordinated notes in the form of 23 million equity
units. See Note 14—Debt and Credit Agreements for further information on the equity units.
Share Repurchases
. There currently is no Exelon Board of Director authority to repurchase shares. Any previous shares
repurchased are held as treasury shares, at cost, unless cancelled or reissued at the discretion of Exelon’s management. Under the previous
share repurchase programs, 35 million shares of common stock are held as treasury stock with a cost of $2.3 billion at December 31, 2015. During
2015, 2014 and 2013, Exelon had no common stock repurchases.
Preferred and Preference Securities of Subsidiaries
At December 31, 2015 and 2014, Exelon was authorized to issue up to 100,000,000 shares of preferred securities, none of which were
outstanding.
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Source: BALTIMORE GAS & ELECTRIC CO, 10-K, February 10, 2016 Powered by Morningstar® Document Research℠
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