EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

3 Months Ended

Mar. 31, 2022

EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

BASIC

Earnings per common share is calculated by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding. On December 30, 2021, we closed the sale of our minority ownership of Noverco Inc. (Noverco). For the three months ended March 31, 2021, the weighted average number of common shares outstanding was reduced by our pro-rata weighted average interest in our own common shares of approximately 3 million, resulting from our reciprocal investment in Noverco.

DILUTED

The treasury stock method is used to determine the dilutive impact of stock options. This method assumes any proceeds from the exercise of stock options would be used to purchase common shares at the average market price during the period.

Weighted average shares outstanding used to calculate basic and diluted earnings per share are as follows:


	Three months ended March 31,
		2022	2021
(number of shares in millions)
Weighted average shares outstanding		2,026	2,022
Effect of dilutive options		3	1
Diluted weighted average shares outstanding		2,029	2,023

For the three months ended March 31, 2022 and 2021, 12.9 million and 27.6 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $56.09 and $51.42, respectively, were excluded from the diluted earnings per common share calculation.

DIVIDENDS PER SHARE

On May 3, 2022, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2022 to shareholders of record on May 13, 2022.


			Dividend per share
Common Shares1			$0.86000
Preference Shares, Series A			$0.34375
Preference Shares, Series B			$0.21340
Preference Shares, Series C2			$0.18400
Preference Shares, Series D			$0.27875
Preference Shares, Series F			$0.29306
Preference Shares, Series H			$0.27350
Preference Shares, Series J3			US$0.30540
Preference Shares, Series L			US$0.30993
Preference Shares, Series N			$0.31788
Preference Shares, Series P			$0.27369
Preference Shares, Series R			$0.25456
Preference Shares, Series 1			US$0.37182
Preference Shares, Series 3			$0.23356
Preference Shares, Series 5			US$0.33596
Preference Shares, Series 7			$0.27806
Preference Shares, Series 9			$0.25606
Preference Shares, Series 11			$0.24613
Preference Shares, Series 13			$0.19019
Preference Shares, Series 15			$0.18644

Preference Shares, Series 19			$0.30625

1 The quarterly dividend per common share was increased 3% to $0.86 from $0.835, effective March 1, 2022.

2 The quarterly dividend per share paid on Series C was increased to $0.18400 from $0.15719 on March 1, 2022, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares.

3 On May 2, 2022, we notified holders of our outstanding Cumulative Redeemable Preference Shares, Series J (Series J Shares) (TSX: ENB.PR.U) of our intention to redeem all US$200 million outstanding Series J Shares on June 1, 2022.