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EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 3 Months Ended
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Mar. 31, 2023
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. DILUTED The treasury stock method is used to determine the dilutive impact of stock options and RSUs. This method assumes any proceeds from the exercise of stock options and vesting of 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 share are as follows:
|  |  | Three months ended March 31,
|  |  |  | 2023 | 2022
(number of shares in millions) |  |  |  |  |
Weighted average shares outstanding |  |  |  | 2,025 |  | 2,026 |
Effect of dilutive options and RSUs |  |  |  | 3 |  | 3 |
Diluted weighted average shares outstanding |  |  |  | 2,028 |  | 2,029 |
For the three months ended March 31, 2023 and 2022, 16.7 million and 12.9 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.62 and $56.09, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On May 2, 2023, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2023 to shareholders of record on May 15, 2023.
| Dividend per share
Common Shares 1 | $0.88750 |
Preference Shares, Series A | $0.34375 |
Preference Shares, Series B | $0.32513 |
Preference Shares, Series D 2 | $0.33825 |
Preference Shares, Series F | $0.29306 |
Preference Shares, Series H | $0.27350 |
Preference Shares, Series L | US$0.36612 |
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 19 3 | $0.38825 |
1 The quarterly dividend per common share was increased 3.2% to $0.8875 from $0.86, effective March 1, 2023. 2 The quarterly dividend per share paid on Preference Shares, Series D was increased to $0.33825 from $0.27875 on March 1, 2023 due to reset of the annual dividend on March 1, 2023. 3 The quarterly dividend per share paid on Preference Shares, Series 19 was increased to $0.38825 from $0.30625 on March 1, 2023 due to reset of the annual dividend on March 1, 2023.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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