77  / SERVICE EXCELLENCE CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (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, 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 22) (27) — — (354) (381) Shares issued under stock option plan (Note 22) 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 loss (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 22) (66 ) — — (1,061 ) (1,127 ) Shares issued under stock option plan (Note 22) 36 (12) — — 24 Balance at December 31, 2018 2,002 42 (2,043 ) 6,635 6,636 Impact of accounting change (Note 2) — — — (5) (5) Balance at January 1, 2019, as restated 2,002 42 (2,043 ) 6,630 6,631 Net income — — — 2,440 2,440 Other comprehensive loss (Note 8) — — (479 ) — (479 ) Dividends declared ($3.1400 per share) — — — (434) (434) Effect of stock-based compensation expense — 15 — — 15 CP Common Shares repurchased (Note 22) (54) — — (1,086) (1,140) Shares issued under stock option plan (Note 22) 45 (9 ) — — 36 Balance at December 31, 2019 $ 1,993 $ 48 $ (2,522) $ 7,550 $ 7,069 See Notes to Consolidated Financial Statements.