EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

9 Months Ended

Sep. 30, 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 September 30,		Nine months ended September 30,
	2024	2023	2024	2023
(number of shares in millions)
Weighted average shares outstanding	2,177	2,048	2,147	2,033
Effect of dilutive options and RSUs	3	1	3	2
Diluted weighted average shares outstanding	2,180	2,049	2,150	2,035

For the three months ended September 30, 2024 and 2023, 15.2 million and 21.6 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.56 and $53.69, respectively, were excluded from the diluted earnings per common share calculation.

For the nine months ended September 30, 2024 and 2023, 18.7 million and 18.2 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $54.18 and $54.81, respectively, were excluded from the diluted earnings per common share calculation.

DIVIDENDS PER SHARE

On October 29, 2024, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2024 to shareholders of record on November 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			$0.43014
Preference Shares, Series H			$0.38200
Preference Shares, Series I2			$0.40589
Preference Shares, Series L			US$0.36612
Preference Shares, Series N			$0.41850
Preference Shares, Series P			$0.36988
Preference Shares, Series R			$0.39463
Preference Shares, Series 1			US$0.41898
Preference Shares, Series 33			$0.33050
Preference Shares, Series 44			$0.42206
Preference Shares, Series 5			US$0.41769
Preference Shares, Series 7			$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 $0.43014 from $0.46817 on September 1, 2024 due to reset on a quarterly basis.

2The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.40589 from $0.44366 on September 1, 2024 due to reset on a quarterly basis.

3The quarterly dividend per share paid on Preference Shares, Series 3 was increased to $0.33050 from $0.23356 on September 1, 2024 due to reset of the annual dividend on September 1, 2024.

4The first quarterly dividend of $0.42206 per share paid on Preference Shares, Series 4 will be paid on December 1, 2024, due to conversion of Preference Shares, Series 3 into Preference Shares, Series 4 on September 1, 2024.