EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

9 Months Ended

Sep. 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 September 30,		Nine months ended September 30,
	2023	2022	2023	2022
(number of shares in millions)
Weighted average shares outstanding	2,048	2,025	2,033	2,026
Effect of dilutive options and RSUs	1	3	2	3
Diluted weighted average shares outstanding	2,049	2,028	2,035	2,029

For the three months ended September 30, 2023 and 2022, 21.6 million and 11.4 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $53.69 and $56.49, respectively, were excluded from the diluted earnings per common share calculation.

For the nine months ended September 30, 2023 and 2022, 18.2 million and 9.2 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $54.81 and $56.63, respectively, were excluded from the diluted earnings per common share calculation.

DIVIDENDS PER SHARE

On October 31, 2023, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2023 to shareholders of record on November 15, 2023.


			Dividend per share
Common Shares1			$0.88750
Preference Shares, Series A			$0.34375
Preference Shares, Series B			$0.32513
Preference Shares, Series D2			$0.33825
Preference Shares, Series F3			$0.34613
Preference Shares, Series G4			$0.47245
Preference Shares, Series H5			$0.38200
Preference Shares, Series I6			$0.44814
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 17			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 198			$0.38825

1The quarterly dividend per common share was increased 3.2% to $0.8875 from $0.86, effective March 1, 2023.

2The quarterly dividend per share paid on Preference Shares, Series D was increased to $0.33825 from $0.27875 on March 1, 2023 due to reset of the annual dividend on March 1, 2023.

3The 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.

4On June 1, 2023, 1,827,695 of the outstanding Preference Shares, Series F were converted into Preference Shares, Series G. The quarterly dividend per share paid on Preference Shares, Series G was increased to $0.47245 from $0.43858 on September 1, 2023 due to reset on a quarterly basis following the date of issuance.

5The quarterly dividend per share paid on Preference Shares, Series H was increased to $0.38200 from $0.27350 on September 1, 2023 due to reset of the annual dividend on September 1, 2023.

6On September 1, 2023, 2,350,602 of the outstanding Preference Shares, Series H were converted into Preference Shares, Series I. The first quarterly dividend on Preference Shares, Series I will be paid on December 1, 2023.

7The 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.

8The quarterly dividend per share paid on Preference Shares, Series 19 was increased to $0.38825 from $0.30625 on March 1, 2023 due to reset of the annual dividend on March 1, 2023.