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EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

5. 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 June 30,

 

Six months ended June 30,

 

 

2025

 

2024

 

2025

 

2024

 

(number of shares in millions)

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

2,180

 

 

2,137

 

 

2,180

 

 

2,131

 

Effect of dilutive options and RSUs

 

6

 

 

2

 

 

6

 

 

2

 

Diluted weighted average shares outstanding

 

2,186

 

 

2,139

 

 

2,186

 

 

2,133

 

 

For the three months ended June 30, 2025 and 2024, 1.6 million and 18.0 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $60.21 and $54.55, respectively, were excluded from the diluted earnings per common share calculation.

 

For the six months ended June 30, 2025 and 2024, 2.4 million and 20.5 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $60.37 and $53.66, 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 September 1, 2025 to shareholders of record on August 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

$0.32515

Preference Shares, Series H

$0.38200

Preference Shares, Series I2

$0.30058

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

$0.31696

Preference Shares, Series 5

US$0.41769

Preference Shares, Series 7

$0.37425

Preference Shares, Series 9

$0.35450

Preference Shares, Series 11

$0.34231

Preference Shares, Series 134

$0.33719

Preference Shares, Series 15

$0.18644

Preference Shares, Series 19

$0.38825

 

1
The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.32515 from $0.34468 on June 1, 2025 due to the reset of the dividend on a quarterly basis.
2
The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.30058 from $0.32011 on June 1, 2025 due to the reset of the dividend on a quarterly basis.
3
The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.31696 from $0.33649 on June 1, 2025 due to the reset of the dividend on a quarterly basis.
4
The quarterly dividend per share paid on Preference Shares, Series 13 was increased to $0.33719 from $0.19019 on June 1, 2025 due to the reset of the annual dividend on June 1, 2025.