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EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 9 Months Ended
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Sep. 30, 2024
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 share-settled RSUs. This method assumes any proceeds from the exercise of stock options and vesting of share-settled 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 common share are as follows:
| Three months ended September 30, |  | Nine months ended September 30,
| 2024 | 2023 |  | 2024 | 2023
(number of shares in millions) |  |  |  |  |
Weighted average shares outstanding | 2,177 |  | 2,048 |  |  | 2,147 |  | 2,033 |
Effect of dilutive options and RSUs | 3 |  | 1 |  |  | 3 |  | 2 |
Diluted weighted average shares outstanding | 2,180 |  | 2,049 |  |  | 2,150 |  | 2,035 |
For the three months ended September 30, 2024 and 2023, 15.2 million and 21.6 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $55.56 and $53.69, respectively, were excluded from the diluted earnings per common share calculation. For the nine months ended September 30, 2024 and 2023, 18.7 million and 18.2 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $54.18 and $54.81, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE On October 29, 2024, our Board of Directors declared the following quarterly dividends. All dividends are payable on December 1, 2024 to shareholders of record on November 15, 2024.
| Dividend per share
Common Shares | $0.91500 |
Preference Shares, Series A | $0.34375 |
Preference Shares, Series B | $0.32513 |
Preference Shares, Series D | $0.33825 |
Preference Shares, Series F | $0.34613 |
Preference Shares, Series G 1 | $0.43014 |
Preference Shares, Series H | $0.38200 |
Preference Shares, Series I 2 | $0.40589 |
Preference Shares, Series L | US$0.36612 |
Preference Shares, Series N | $0.41850 |
Preference Shares, Series P | $0.36988 |
Preference Shares, Series R | $0.39463 |
Preference Shares, Series 1 | US$0.41898 |
Preference Shares, Series 3 3 | $0.33050 |
Preference Shares, Series 4 4 | $0.42206 |
Preference Shares, Series 5 | US$0.41769 |
Preference Shares, Series 7 | $0.37425 |
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 G was decreased to $0.43014 from $0.46817 on September 1, 2024 due to reset on a quarterly basis. 2 The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.40589 from $0.44366 on September 1, 2024 due to reset on a quarterly basis. 3 The quarterly dividend per share paid on Preference Shares, Series 3 was increased to $0.33050 from $0.23356 on September 1, 2024 due to reset of the annual dividend on September 1, 2024. 4 The first quarterly dividend of $0.42206 per share paid on Preference Shares, Series 4 will be paid on December 1, 2024, due to conversion of Preference Shares, Series 3 into Preference Shares, Series 4 on September 1, 2024.

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