Shareholders' Equity (Exelon, ComEd, PECO, BGE, Pepco, DPL and ACE)

The following table presents common stock authorized and outstanding as of December 31, 2018 and 2017:



				December 31,
				2018	2017
	Par Value		Shares Authorized	Shares Outstanding
Common Stock
Exelon	no par value		2,000,000,000	968,187,955	963,335,888
ComEd	$	12.50	250,000,000	127,021,331	127,021,246
PECO	no par value		500,000,000	170,478,507	170,478,507
BGE	no par value		1,500	1,000	1,000
Pepco	$	0.01	200,000,000	100	100
DPL	$	2.25	1,000	1,000	1,000
ACE	$	3.00	25,000,000	8,546,017	8,546,017

ComEd had 60,285 and 60,584 warrants outstanding to purchase ComEd common stock at December 31, 2018 and 2017, 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, 2018 and 2017, 20,095 and 20,195 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. The net proceeds were used to fund the 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. On June 1, 2017, Exelon settled the forward purchase contract, which was a component of the June 2014 equity units, through the issuance of Exelon common stock from treasury stock. See Note 13 — Debt and Credit Agreements for additional information on the equity units.

Share Repurchases

Share Repurchase Programs

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, 2 million shares of common stock were held as treasury stock with a historical cost of $123 million at December 31, 2018 and 2017. During 2017, Exelon issued approximately 33 million shares of Exelon common stock from treasury stock in order to settle the forward purchase contract, which was a component of the June 2014 equity units discussed above. During 2018, 2017, and 2016 Exelon had no common stock repurchases.

Preferred and Preference Securities of Subsidiaries

At December 31, 2018 and 2017, Exelon was authorized to issue up to 100,000,000 shares of preferred securities, none of which were outstanding.

At December 31, 2018 and 2017, ComEd prior preferred securities and ComEd cumulative preference securities consisted of 850,000 shares and 6,810,451 shares authorized, respectively, none of which were outstanding.

BGE had $190 million of cumulative preference stock that was redeemable at its option at any time after October 1, 2015 for the redemption price of $100 per share, plus accrued and unpaid dividends. On July 3, 2016, BGE redeemed all 400,000 shares of its outstanding 7.125% Cumulative Preference Stock, 1993 Series and all 600,000 shares of its outstanding 6.990% Cumulative Preference Stock, 1995 Series for $100 million, plus accrued and unpaid dividends. On September 18, 2016, BGE redeemed the remaining 500,000 shares of its outstanding 6.970% Cumulative Preference Stock, 1993 Series and the remaining 400,000 shares of its outstanding 6.700% Cumulative Preference Stock, 1993 Series for $90 million, plus accrued and unpaid dividends.