SHARE CAPITAL

The number of common shares and common share equivalents issued are represented in the table below:



In millions	December 31, 2018		December 31, 2017		December 31, 2016
Common shares issued	490.4		490.4		490.4
Less: Treasury shares for which dividend and voting rights do not apply	(93.3	)	(83.3	)	(86.6	)
Common shares outstanding	397.1		407.1		403.8

On October 24, 2018, the company entered into a forward contract to purchase 14.4 million common shares at a strike price of $20.85 per share. The company has recorded treasury shares in the amount of $297.1 million which was calculated by multiplying the fair market value of Invesco’s common share price as of the hedge completion date of December 3, 2018 by the number of shares being purchased. The company has recorded a corresponding payable to the counterparty which represents the present value of the amount to be paid at settlement, discounted by using the implicit interest rate at inception of the forward contract plus dividends. The implicit interest rate was calculated using the effective interest method. The payable includes a discount on the forward purchase price represented by the difference between the fair market value of the common share price and the strike price on hedge completion date. The shares are expected to be physically settled on July 1, 2019. In addition, the company has made collateral payments related to the forward contract of approximately $63.8 million which are recorded in other assets on the balance sheet as of December 31, 2018. (The company did not purchase any shares on the open market during the year ended December 31, 2017).

Separately, an aggregate of 1.6 million shares were withheld on vesting events during the year ended December 31, 2018 to meet employees' withholding tax obligations (December 31, 2017: 1.9 million). The fair value of these shares withheld at the respective withholding dates was $48.9 million (December 31, 2017: $63.8 million). At December 31, 2018, approximately $1,343.0 million remained authorized under the company's share repurchase authorizations approved by the Board on October 11, 2013 and July 22, 2016 (December 31, 2017: $1,643.0 million).

Total treasury shares at December 31, 2018 were 103.0 million (December 31, 2017: 92.4 million), including 9.7 million unvested restricted stock awards (December 31, 2017: 9.1 million) for which dividend and voting rights apply. The market price of common shares at the end of 2018 was $16.74. The total market value of the company's 103.0 million treasury shares was $1.7 billion at December 31, 2018.

Movements in Treasury Shares comprise:



	Year ended
In millions	December 31, 2018		December 31, 2017		December 31, 2016
Beginning balance	92.4		95.9		81.3
Acquisition of common shares	16.0		1.9		19.6
Distribution of common shares	(5.2	)	(5.2	)	(4.7	)
Common shares distributed to meet ESPP obligation	(0.2	)	(0.2	)	(0.3	)
Ending balance	103.0		92.4		95.9