EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

6 Months Ended

Jun. 30, 2023

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.

DILUTED

The treasury stock method is used to determine the dilutive impact of stock options and RSUs. This method assumes any proceeds from the exercise of stock options and vesting of RSUs 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 June 30,		Six months ended June 30,
	2023	2022	2023	2022
(number of shares in millions)
Weighted average shares outstanding	2,024	2,026	2,025	2,026
Effect of dilutive options and RSUs	3	4	3	4
Diluted weighted average shares outstanding	2,027	2,030	2,028	2,030

For the three months ended June 30, 2023 and 2022, 16.3 million and 3.2 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.46 and $59.29, respectively, were

excluded from the diluted earnings per common share calculation.

For the six months ended June 30, 2023 and 2022, 16.5 million and 8.0 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.54 and $56.72, respectively, were excluded from the diluted earnings per common share calculation.

DIVIDENDS PER SHARE

On July 31, 2023, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2023 to shareholders of record on August 15, 2023.


			Dividend per share
Common Shares			$0.88750
Preference Shares, Series A			$0.34375
Preference Shares, Series B			$0.32513
Preference Shares, Series D			$0.33825
Preference Shares, Series F1			$0.34613
Preference Shares, Series G2			$0.43858
Preference Shares, Series H			$0.27350
Preference Shares, Series L			US$0.36612
Preference Shares, Series N			$0.31788
Preference Shares, Series P			$0.27369
Preference Shares, Series R			$0.25456
Preference Shares, Series 13			US$0.41898
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			$0.38825

1The quarterly dividend per share paid on Preference Shares, Series F was increased to $0.34613 from $0.29306 on June 1, 2023 due to reset of the annual dividend on June 1, 2023.

2The first quarterly dividend on Preference Shares, Series G will be paid on September 1, 2023. On June 1, 2023, 1,827,695 of the outstanding Preference Shares, Series F were converted into Preference Shares, Series G.

3The quarterly dividend per share paid on Preference Shares, Series 1 was increased to US$0.41898 from US$0.37182 on June 1, 2023 due to reset of the annual dividend on June 1, 2023.