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EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six months ended June 30,
| 2023 | 2022 |  | 2023 | 2022
(number of shares in millions) |  |  |  |  |
Weighted average shares outstanding | 2,024 |  | 2,026 |  |  | 2,025 |  | 2,026 |
Effect of dilutive options and RSUs | 3 |  | 4 |  |  | 3 |  | 4 |
Diluted weighted average shares outstanding | 2,027 |  | 2,030 |  |  | 2,028 |  | 2,030 |
For the three months ended June 30, 2023 and 2022, 16.3 million and 3.2 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.46 and $59.29, respectively, were excluded from the diluted earnings per common share calculation. For the six months ended June 30, 2023 and 2022, 16.5 million and 8.0 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.54 and $56.72, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On July 31, 2023, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2023 to shareholders of record on August 15, 2023.
| Dividend per share
Common Shares | $0.88750 |
Preference Shares, Series A | $0.34375 |
Preference Shares, Series B | $0.32513 |
Preference Shares, Series D | $0.33825 |
Preference Shares, Series F 1 | $0.34613 |
Preference Shares, Series G 2 | $0.43858 |
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 3 | US$0.41898 |
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 | $0.38825 |
1 The quarterly dividend per share paid on Preference Shares, Series F was increased to $0.34613 from $0.29306 on June 1, 2023 due to reset of the annual dividend on June 1, 2023. 2 The first quarterly dividend on Preference Shares, Series G will be paid on September 1, 2023. On June 1, 2023, 1,827,695 of the outstanding Preference Shares, Series F were converted into Preference Shares, Series G. 3 The quarterly dividend per share paid on Preference Shares, Series 1 was increased to US$0.41898 from US$0.37182 on June 1, 2023 due to reset of the annual dividend on June 1, 2023.

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