Earnings per share

9 Months Ended

Jul. 31, 2024

Note 12. Earnings per share


	For the three months ended						For the nine months ended
$ millions, except number of shares and per share amounts	2024 Jul. 31		2024 Apr. 30		2023 Jul. 31 (1)		2024 Jul. 31		2023 Jul. 31 (1)
Basic earnings per share
Net income attributable to equity shareholders	$	1,786	$	1,739	$	1,422	$	5,241	$	3,524
Less: Preferred share dividends and distributions on other equity instruments		63		61		66		191		205
Net income attributable to common shareholders	$	1,723	$	1,678	$	1,356	$	5,050	$	3,319
Weighted-average common shares outstanding (thousands)		943,467		937,849		918,551		937,696		912,542
Basic earnings per share	$	1.83	$	1.79	$	1.48	$	5.39	$	3.64
Diluted earnings per share
Net income attributable to common shareholders	$	1,723	$	1,678	$	1,356	$	5,050	$	3,319
Weighted-average common shares outstanding (thousands)		943,467		937,849		918,551		937,696		912,542
Add: Stock options potentially exercisable (2) (thousands)		2,317		1,964		368		1,596		594
Add: Equity-settled consideration (thousands)		–		–		144		–		215
Weighted-average diluted common shares outstanding (thousands)		945,784		939,813		919,063		939,292		913,351
Diluted earnings per share	$	1.82	$	1.79	$	1.47	$	5.38	$	3.63

(1)	Certain comparative amounts have been restated to reflect the adoption of IFRS 17 in the first quarter of 2024. See Note 1 to the interim consolidated financial statements for additional details.

(2)

Excludes average options outstanding of 2,553,244 (April 30, 2024: 2,553,244; July 31, 2023: 6,824,114) with a weighted-average exercise price of $70.05 (April 30, 2024: $70.05; July 31, 2023: $63.24) for the quarter ended July 31, 2024, and average options outstanding of 2,553,244 (July 31, 2023: 6,472,004) with a weighted-average price of $70.05 (July 31, 2023: $63.45) for the nine months ended July 31, 2024, as the options’ exercise prices were greater than the average market price of CIBC’s common shares.