EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

3 Months Ended

Mar. 31, 2024

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 share-settled RSUs. This method assumes any proceeds from the exercise of stock options and vesting of share-settled 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 common share are as follows:


	Three months ended March 31,
		2024	2023
(number of shares in millions)
Weighted average shares outstanding		2,126	2,025
Effect of dilutive options and RSUs		2	3
Diluted weighted average shares outstanding		2,128	2,028

For the three months ended March 31, 2024 and 2023, 23.0 million and 16.7 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $52.97 and $55.62, respectively, were excluded from the diluted earnings per common share calculation.

DIVIDENDS PER SHARE

On April 23, 2024, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2024 to shareholders of record on May 15, 2024.


			Dividend per share
Common Shares			$0.91500
Preference Shares, Series A			$0.34375
Preference Shares, Series B			$0.32513
Preference Shares, Series D			$0.33825
Preference Shares, Series F			$0.34613
Preference Shares, Series G1			$0.47383
Preference Shares, Series H			$0.38200
Preference Shares, Series I2			$0.44932
Preference Shares, Series L			US$0.36612
Preference Shares, Series N			$0.41850
Preference Shares, Series P3			$0.36988
Preference Shares, Series R			$0.25456
Preference Shares, Series 1			US$0.41898
Preference Shares, Series 3			$0.23356
Preference Shares, Series 54			US$0.41769
Preference Shares, Series 75			$0.37425
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 G was decreased to $0.47383 from $0.47676 on March 1, 2024 due to reset on a quarterly basis.

2The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.44932 from $0.45251 on March 1, 2024 due to reset on a quarterly basis.

3The quarterly dividend per share paid on Preference Shares, Series P was increased to $0.36988 from $0.27369 on March 1, 2024 due to reset of the annual dividend on March 1, 2024.

4The quarterly dividend per share paid on Preference Shares, Series 5 was increased to US$0.41769 from US$0.33596 on March 1, 2024 due to reset of the annual dividend on March 1, 2024.

5The quarterly dividend per share paid on Preference Shares, Series 7 was increased to $0.37425 from $0.27806 on March 1, 2024 due to reset of the annual dividend on March 1, 2024.