EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2023

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 in Noverco. The weighted average number of common shares outstanding was reduced by our pro-rata weighted average interest in our own common shares of approximately 2 million as at December 31, 2021 resulting from our reciprocal investment in Noverco.

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:


December 31,	2023	2022	2021
(number of shares in millions)
Weighted average shares outstanding	2,056	2,025	2,023
Effect of dilutive options and RSUs	2	4	2
Diluted weighted average shares outstanding	2,058	2,029	2,025

For the years ended December 31, 2023, 2022 and 2021, 19.3 million, 10.4 million and 18.6 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $54.42, $56.49 and $52.89, respectively, were excluded from the diluted earnings per common share calculation.