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Common shares
 6 Months Ended
Jun. 30, 2020
Common shares
11.  Common shares
 
     As of
June 30		     
As of
Dec 31
  
thousands of shares
   
2020
      2019  
Authorized
   
 
1,100,000
 
      1,100,000  
Common shares outstanding
   
 
734,077
 
      743,902  
The
12-month
normal course issuer bid program that was in place during the second quarter of 2020, came into effect on June 27, 2019. The program enabled the company to purchase up to a maximum of 38,211,086 common shares (5 percent of the total shares on June 13, 2019), which included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. Exxon Mobil Corporation participated to maintain its ownership percentage at approximately 69.6 percent. The program ended on June 26, 2020, and purchases under this program were suspended on April 1, 2020. Upon expiration, the company had purchased 28,697,514 shares under the program.
The current
12-month
limited normal course issuer bid program came into effect on June 29, 2020 and is used primarily to eliminate dilution from shares issued in conjunction with Imperial’s restricted stock unit plan. The program enables the company to purchase up to a maximum of 50,000 common shares, which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
The company’s common share activities are summarized below:
 
      Thousands
of shares		     Millions
of dollars		  
Balance as at December 31, 2018
      782,565              1,446  
Issued under employee share-based awards
      1       -  
Purchases at stated value
      (38,664 )      (71 ) 
Balance as at December 31, 2019
      743,902       1,375  
Issued under employee share-based awards
      -       -  
Purchases at stated value
     
(9,825
) 
 
 
(18
) 
Balance as at June 30, 2020
     
   734,077
 
 
 
1,357
  
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
 
                Six Months  
         Second Quarter          to June 30  
     
2020
     2019     
2020
     2019  
Net income (loss) per common share - basic
          
Net income (loss)
(millions of Canadian dollars)
   
 
(526
) 
     1,212     
 
(714
) 
     1,505  
Weighted average number of common shares outstanding
(millions of shares)
   
 
734.1
 
     767.4     
 
736.5
 
     772.5  
Net income (loss) per common share
(dollars)
   
 
(0.72
) 
     1.58     
 
(0.97
) 
     1.95  
Net income (loss) per common share - diluted
          
Net income (loss)
(millions of Canadian dollars)
   
 
(526
) 
     1,212     
 
(714
) 
     1,505  
Weighted average number of common shares outstanding
(millions of shares)
   
 
734.1
 
     767.4     
 
736.5
 
     772.5  
Effect of employee share-based awards
(millions of shares) (a)
   
 
-
 
     2.5     
 
-
 
     2.4  
Weighted average number of common shares outstanding, assuming dilution
(millions of shares)
   
 
734.1
 
     769.9     
 
736.5
 
     774.9  
Net income (loss) per common share
(dollars)
   
 
(0.72
) 
     1.57     
 
(0.97
) 
     1.94  
Dividends per common share - declared
(dollars)
   
 
0.22
 
     0.22     
 
0.44
 
     0.41  
(a)
For Second Quarter 2020 and Six Months to June 30, 2020, the Net income (loss) per common share – diluted excludes the effect of 2.0 million employee share-based awards. Share-based awards have the potential to dilute basic earnings per share in the future.