CP 2018 ANNUAL REPORT  /  72 CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY See Notes to Consolidated Financial Statements. (in millions of Canadian dollars, except per share data) Share capital Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total shareholders’ equity Balance at December 31, 2015 $ 2,058 $ 43 $ (1,477 ) $ 4,172 $ 4,796 Net income — — — 1,599 1,599 Other comprehensive loss (Note 8) — — (322 ) — (322 ) Dividends declared ($1.8500 per share) — — — (274) (274) Effect of stock-based compensation expense — 14 — — 14 CP Common Shares repurchased (Note 20) (84) — — (1,126) (1,210) Shares issued under stock option plan (Note 20) 28 (5 ) — — 23 Balance at December 31, 2016 2,002 52 (1,799) 4,371 4,626 Net income — — — 2,405 2,405 Other comprehensive income (Note 8) — — 58 — 58 Dividends declared ($2.1875 per share) — — — (319 ) (319 ) Effect of stock-based compensation expense — 3 — — 3 CP Common Shares repurchased (Note 20) (27 ) — — (354 ) (381 ) Shares issued under stock option plan (Note 20) 57 (12) — — 45 Balance at December 31, 2017 2,032 43 (1,741 ) 6,103 6,437 Net income — — — 1,951 1,951 Other comprehensive income (Note 8) — — (302 ) — (302 ) Dividends declared ($2.5125 per share) — — — (358) (358) Effect of stock-based compensation expense — 11 — — 11 CP Common Shares repurchased (Note 20) (66) — — (1,061) (1,127) Shares issued under stock option plan (Note 20) 36 (12 ) — — 24 Balance at December 31, 2018 $ 2,002 $ 42 $ (2,043) $ 6,635 $ 6,636