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EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE | 5. 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 June 30, |  | Six months ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
(number of shares in millions) |  |  |  |  |  |  |  |
Weighted average shares outstanding |  | 2,180 |  |  | 2,137 |  |  | 2,180 |  |  | 2,131 |
Effect of dilutive options and RSUs |  | 6 |  |  | 2 |  |  | 6 |  |  | 2 |
Diluted weighted average shares outstanding |  | 2,186 |  |  | 2,139 |  |  | 2,186 |  |  | 2,133 |
For the three months ended June 30, 2025 and 2024, 1.6 million and 18.0 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $60.21 and $54.55, respectively, were excluded from the diluted earnings per common share calculation. For the six months ended June 30, 2025 and 2024, 2.4 million and 20.5 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $60.37 and $53.66, respectively, were excluded from the diluted earnings per common share calculation. DIVIDENDS PER SHARE The Board of Directors has declared the following quarterly dividends. All dividends are payable on September 1, 2025 to shareholders of record on August 15, 2025.
| Dividend per share
Common Shares | $0.94250
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 | $0.32515
Preference Shares, Series H | $0.38200
Preference Shares, Series I 2 | $0.30058
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 | $0.33050
Preference Shares, Series 4 3 | $0.31696
Preference Shares, Series 5 | US$0.41769
Preference Shares, Series 7 | $0.37425
Preference Shares, Series 9 | $0.35450
Preference Shares, Series 11 | $0.34231
Preference Shares, Series 13 4 | $0.33719
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 $0.32515 from $0.34468 on June 1, 2025 due to the reset of the dividend on a quarterly basis. 2 The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.30058 from $0.32011 on June 1, 2025 due to the reset of the dividend on a quarterly basis. 3 The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.31696 from $0.33649 on June 1, 2025 due to the reset of the dividend on a quarterly basis. 4 The quarterly dividend per share paid on Preference Shares, Series 13 was increased to $0.33719 from $0.19019 on June 1, 2025 due to the reset of the annual dividend on June 1, 2025.

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