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EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE | 9 Months Ended
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Sep. 30, 2019
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE AND DIVIDEND PER SHARE | 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. The weighted average number of common shares outstanding has been reduced by our pro-rata weighted average interest in our own common shares of 6 million and 13 million for the three and nine months ended September 30, 2019 and 2018, respectively, resulting from our reciprocal investment in Noverco Inc. DILUTED The treasury stock method is used to determine the dilutive impact of stock options. This method assumes any proceeds from the exercise of stock options 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:
| Three months ended September 30, |  | Nine months ended September 30,
| 2019 |  | 2018 |  |  | 2019 |  | 2018 |
(number of common shares in millions) |  |  |  |  |  |  |  |  |
Weighted average shares outstanding | 2,018 |  | 1,705 |  |  | 2,017 |  | 1,695 |
Effect of dilutive options | 2 |  | 3 |  |  | 3 |  | 4 |
Diluted weighted average shares outstanding | 2,020 |  | 1,708 |  |  | 2,020 |  | 1,699 |
For the three months ended September 30, 2019 and 2018, 21.9 million and 21.1 million, respectively, anti-dilutive stock options with a weighted average exercise price of $52.75 and $52.17, respectively, were excluded from the diluted earnings per common share calculation. For the nine months ended September 30, 2019 and 2018, 17.9 million and 27.1 million, respectively, anti-dilutive stock options with a weighted average exercise price of $53.48 and $50.37, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On November 5, 2019, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2019, to shareholders of record on November 15, 2019.
| Dividend per share |
Common Shares |  | $0.73800 |
Preference Shares, Series A |  | $0.34375 |
Preference Shares, Series B |  | $0.21340 |
Preference Shares, Series C 1 |  | $0.25243 |
Preference Shares, Series D |  | $0.27875 |
Preference Shares, Series F |  | $0.29306 |
Preference Shares, Series H |  | $0.27350 |
Preference Shares, Series J |  | US$0.30540 |
Preference Shares, Series L |  | US$0.30993 |
Preference Shares, Series N |  | $0.31788 |
Preference Shares, Series P 2 |  | $0.27369 |
Preference Shares, Series R 3 |  | $0.25456 |
Preference Shares, Series 1 |  | US$0.37182 |
Preference Shares, Series 3 4 |  | $0.23356 |
Preference Shares, Series 5 5 |  | US$0.33596 |
Preference Shares, Series 7 6 |  | $0.27806 |
Preference Shares, Series 9 |  | $0.27500 |
Preference Shares, Series 11 |  | $0.27500 |
Preference Shares, Series 13 |  | $0.27500 |
Preference Shares, Series 15 |  | $0.27500 |
Preference Shares, Series 17 |  | $0.32188 |
Preference Shares, Series 19 |  | $0.30625 |
1 The quarterly dividend per share paid on Series C was decreased to $0.25395 from $0.25459 on March 1, 2019, was increased to $0.25647 from $0.25395 on June 1, 2019 and was decreased to $0.25243 from $0.25647 on September 1, 2019, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares. 2 The quarterly dividend per share paid on Series P was increased to $0.27369 from $0.25000 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter.
3 | The quarterly dividend per share paid on Series R was increased to $0.25456 from $0.25000 on June 1, 2019, due to the reset of the annual dividend on June 1, 2019, and every five years thereafter.
4 | The quarterly dividend per share paid on Series 3 was decreased to $0.23356 from $0.25000 on September 1, 2019, due to the reset of the annual dividend on September 1, 2019, and every five year thereafter.
5 | The quarterly dividend per share paid on Series 5 was increased to US$0.33596 from US$0.27500 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter.
6 The quarterly dividend per share paid on Series 7 was increased to $0.27806 from $0.27500 on March 1, 2019, due to reset of the annual dividend on March 1, 2019, and every five years thereafter.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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