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Common shares
 3 Months Ended
Mar. 31, 2021
Common shares
9.    Common shares
 
thousands of shares
    As of
Mar 31
2021
     
As of
Dec 31
2020
  
Authorized
   
 
1,100,000
 
      1,100,000  
Common shares outstanding
   
 
734,077
 
      734,077  
The
12-month
limited normal course issuer bid program that was in place throughout the first quarter of 2021 came into effect on June 29, 2020 and was established primarily to eliminate dilution from shares issued in conjunction with Imperial’s restricted stock unit plan. The program enabled 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.
On April 30, 2021, the company announced an amendment to its normal course issuer bid to increase the number of common shares that it may purchase. Under the amendment, the number of common shares that may be purchased will increase to a maximum of
29,363,070
common shares (
4
percent of the total shares on June 15, 2020) during the period June 29, 2020 to June 28, 2021, 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. No other provisions of the normal course issuer bid have changed.
The company’s common share activities are summarized below:
      Thousands
of shares		     Millions
of dollars		  
Balance as at December 31, 2019
      743,902              1,375  
Issued under employee share-based awards
      7       -  
Purchases at stated value
      (9,832 )      (18 ) 
Balance as at December 31, 2020
         734,077       1,357  
Issued under employee share-based awards
      -       -  
Purchases at stated value
   
 
-
 
  
 
-
 
Balance as at March 31, 2021
   
 
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:
    
              Three Months
              to March 31
  
     
2021
      2020  
Net income (loss) per common share - basic
                  
Net income (loss)
(millions of Canadian dollars)
   
 
                 392
 
      (188 ) 
Weighted average number of common shares outstanding
(millions of shares)
   
 
734.1
 
      738.9  
Net income (loss) per common share
(dollars)
   
 
0.53
 
      (0.25 ) 
     
Net income (loss) per common share - diluted
                  
Net income (loss)
(millions of Canadian dollars)
   
 
392
 
      (188 ) 
Weighted average number of common shares outstanding
(millions of shares)
   
 
734.1
 
      738.9  
Effect of employee share-based awards
(millions of shares) (a)
   
 
1.6
 
      -  
Weighted average number of common shares outstanding, assuming dilution
(millions of shares)
   
 
735.7
 
      738.9  
Net income (loss) per common share
(dollars)
   
 
0.53
 
      (0.25 ) 
     
Dividends per common share - declared
(dollars)
   
 
0.22
 
                0.22  
(a)
For three months to March 31, 2020, the Net income (loss) per common share – diluted
e
xcludes 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.