EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

3 Months Ended

Mar. 31, 2025

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,
		2025	2024
(number of shares in millions)
Weighted average shares outstanding		2,179	2,126
Effect of dilutive options and RSUs		6	2
Diluted weighted average shares outstanding		2,185	2,128

For the three months ended March 31, 2025 and 2024, 3.1 million and 23.0 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $60.45 and $52.97, respectively, were excluded from the diluted earnings per common share calculation.

DIVIDENDS PER SHARE

The Board of Directors has declared the following quarterly dividends. All dividends are payable on June 1, 2025 to shareholders of record on May 15, 2025.


			Dividend per share
Common Shares			$0.94250
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			$0.34468
Preference Shares, Series H			$0.38200
Preference Shares, Series I2			$0.32011
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 3			$0.33050
Preference Shares, Series 43			$0.33649
Preference Shares, Series 5			US$0.41769
Preference Shares, Series 7			$0.37425
Preference Shares, Series 9			$0.35450
Preference Shares, Series 114			$0.34231
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 $0.34468 from $0.37911 on March 1, 2025 due to reset on a quarterly basis.

2The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.32011 from $0.35507 on March 1, 2025 due to reset on a quarterly basis.

3The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.33649 from $0.37110 on March 1, 2025 due to reset on a quarterly basis.

4The quarterly dividend per share paid on Preference Shares, Series 11 was increased to $0.34231 from $0.24613 on March 1, 2025 due to reset of the annual dividend on March 1, 2025.