13 dividends per share

(a) Dividends declared


Years ended December 31	2019						2018
(millions except per share amounts)	Declared			Paid to			Declared			Paid to
Common Share dividends	Effective	Per share 1		shareholders	Total		Effective	Per share 1		shareholders	Total
Quarter 1 dividend	Mar. 11, 2019	$	0.5450	Apr. 1, 2019	$	329	Mar. 9, 2018	$	0.5050	Apr. 2, 2018	$	299
Quarter 2 dividend	Jun. 10, 2019		0.5625	Jul. 2, 2019		339	Jun. 8, 2018		0.5250	Jul. 3, 2018		315
Quarter 3 dividend	Sep. 10, 2019		0.5625	Oct. 1, 2019		338	Sep. 10, 2018		0.5250	Oct. 1, 2018		313
Quarter 4 dividend	Dec. 11, 2019		0.5825	Jan. 2, 2020		352	Dec. 10, 2018		0.5450	Jan. 2, 2019		326
		$	2.2525		$	1,358		$	2.1000		$	1,253

(1)

See Note 28(b).

On February 12, 2020, the Board of Directors declared a quarterly dividend of $0.5825 per share (see Note 28(b)) on our issued and outstanding Common Shares payable on April 1, 2020, to holders of record at the close of business on March 11, 2020. The final amount of the dividend payment depends upon the number of Common Shares issued and outstanding at the close of business on March 11, 2020.

(b) Dividend Reinvestment and Share Purchase Plan

We have a Dividend Reinvestment and Share Purchase Plan under which eligible holders of Common Shares may acquire additional Common Shares by reinvesting dividends and by making additional optional cash payments to the trustee. Under this plan, we have the option of offering Common Shares from Treasury or having the trustee acquire Common Shares in the stock market. We may, at our discretion, offer Common Shares at a discount of up to 5% from the market price under the plan. Effective with our dividends paid October 1, 2019, we offered Common Shares from Treasury at a discount of 2%. In respect of Common Shares held by eligible shareholders who have elected to participate in the plan, dividends declared during the year ended December 31, 2019,of $256 million (2018 – $54 million) were to be reinvested in Common Shares.