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EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 9 Months Ended
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Sep. 30, 2020
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE AND DIVIDENDS 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 5 million for the three and nine months ended September 30, 2020 and 6 million for the three and nine months ended September 30, 2019, resulting from our reciprocal investment in Noverco Inc. (Noverco). 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,
| 2020 | 2019 |  | 2020 | 2019
(number of common shares in millions) |  |  |  |  |
Weighted average shares outstanding | 2,021 |  | 2,018 |  |  | 2,020 |  | 2,017 |
Effect of dilutive options | — |  | 2 |  |  | 1 |  | 3 |
Diluted weighted average shares outstanding | 2,021 |  | 2,020 |  |  | 2,021 |  | 2,020 |
For the three months ended September 30, 2020 and 2019, 34.1 million and 21.9 million, respectively, anti-dilutive stock options with a weighted average exercise price of $50.55 and $52.75, respectively, were excluded from the diluted earnings per common share calculation. For the nine months ended September 30, 2020 and 2019, 28.5 million and 17.9 million, respectively, anti-dilutive stock options with a weighted average exercise price of $51.85 and $53.48, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On November 3, 2020, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2020 to shareholders of record on November 13, 2020.
| Dividend per share
Common Shares 1 | $0.81000 |
Preference Shares, Series A | $0.34375 |
Preference Shares, Series B | $0.21340 |
Preference Shares, Series C 2 | $0.15975 |
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 | $0.27369 |
Preference Shares, Series R | $0.25456 |
Preference Shares, Series 1 | US$0.37182 |
Preference Shares, Series 3 | $0.23356 |
Preference Shares, Series 5 | US$0.33596 |
Preference Shares, Series 7 | $0.27806 |
Preference Shares, Series 9 | $0.25606 |
Preference Shares, Series 11 3 | $0.24613 |
Preference Shares, Series 13 4 | $0.19019 |
Preference Shares, Series 15 5 | $0.18644 |
Preference Shares, Series 17 | $0.32188 |
Preference Shares, Series 19 | $0.30625 |
1 The quarterly dividend per common share was increased 9.8% to $0.81 from $0.738, effective March 1, 2020. 2 The quarterly dividend per share paid on Series C was increased to $0.25458 from $0.25305 on March 1, 2020, was decreased to $0.16779 from $0.25458 on June 1, 2020 and was decreased to $0.15975 from $0.16779 on September 1, 2020, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares. 3 The quarterly dividend per share paid on Series 11 was decreased to $0.24613 from $0.275 on March 1, 2020, due to the reset of the annual dividend on March 1, 2020, and every five years thereafter. 4 The quarterly dividend per share paid on Series 13 was decreased to $0.19019 from $0.275 on June 1, 2020, due to the reset of the annual dividend on June 1, 2020, and every five years thereafter. 5 The quarterly dividend per share paid on Series 15 was decreased to $0.18644 from $0.275 on September 1, 2020, due to the reset of the annual dividend on September 1, 2020, and every five years thereafter.

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