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EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 9 Months Ended
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Sep. 30, 2021
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 approximately 2 million for the three and nine months ended September 30, 2021, compared to 5 million for the three and nine months ended September 30, 2020, 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,
| 2021 | 2020 |  | 2021 | 2020
(number of shares in millions) |  |  |  |  |
Weighted average shares outstanding | 2,024 |  | 2,021 |  |  | 2,023 |  | 2,020 |
Effect of dilutive options | 2 |  | — |  |  | 2 |  | 1 |
Diluted weighted average shares outstanding | 2,026 |  | 2,021 |  |  | 2,025 |  | 2,021 |
For the three months ended September 30, 2021 and 2020, 13.3 million and 34.1 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $56.16 and $50.55, respectively, were excluded from the diluted earnings per common share calculation. For the nine months ended September 30, 2021 and 2020, 20.5 million and 28.5 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $52.19 and $51.85, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On November 3, 2021, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2021 to shareholders of record on November 15, 2021.
| Dividend per share
Common Shares 1 | $0.83500 |
Preference Shares, Series A | $0.34375 |
Preference Shares, Series B | $0.21340 |
Preference Shares, Series C 2 | $0.16081 |
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 | $0.24613 |
Preference Shares, Series 13 | $0.19019 |
Preference Shares, Series 15 | $0.18644 |
Preference Shares, Series 17 | $0.32188 |
Preference Shares, Series 19 | $0.30625 |
1 The quarterly dividend per common share was increased 3% to $0.835 from $0.81, effective March 1, 2021. 2 The quarterly dividend per share paid on Series C was increased to $0.15501 from $0.15349 on March 1, 2021, increased to $0.15753 from $0.15501 on June 1, 2021, and increased to $0.16081 from $0.15753 on September 1, 2021, due to reset on a quarterly basis following the date of issuance of the Series C Preference Shares.

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