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EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2023
Equity [abstract] |
Schedule of equity | The company’s common equity is comprised of the following:
AS AT JUN. 30, 2023 AND DEC. 31, 2022 (MILLIONS) | 2023 |  | 2022
Common shares | $ | 10,857 |  |  | $ | 10,901 |
Contributed surplus | 155 |  |  | 148 |
Retained earnings | 17,646 |  |  | 18,006 |
Ownership changes | 3,809 |  |  | 2,959 |
Accumulated other comprehensive income | 8,031 |  |  | 7,594 |
Common equity | $ | 40,498 |  |  | $ | 39,608 |
The number of issued and outstanding Class A and Class B shares and unexercised options are as follows:
AS AT JUN. 30, 2023 AND DEC. 31, 2022 | 2023 |  | 2022
Class A shares 1 | 1,563,781,772 |  |  | 1,573,286,748 |
Class B shares | 85,120 |  |  | 85,120 |
Shares outstanding 1 | 1,563,866,892 |  |  | 1,573,371,868 |
Unexercised options, other share-based plans 2 and exchangeable shares of affiliate | 56,388,743 |  |  | 55,500,881 |
Total diluted shares | 1,620,255,635 |  |  | 1,628,872,749 |
1.Net of 71,921,167 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2023 (December 31, 2022 – 62,910,220). 2.Includes management share option plan and escrowed stock plan Shares issued and outstanding changed as follows:
| Three Months Ended |  | Six Months Ended
FOR THE PERIODS ENDED JUN. 30 | 2023 |  | 2022 |  | 2023 |  | 2022
Outstanding, beginning of period 1 | 1,564,393,929 |  |  | 1,566,315,679 |  |  | 1,573,371,868 |  |  | 1,568,828,941 |
Issued (Repurchased) |  |  |  |  |  |  |
Issuances | 1,380 |  |  | 2,194 |  |  | 262,361 |  |  | 34,559 |
Repurchases | (1,189,664) |  |  | (5,080,468) |  |  | (11,676,545) |  |  | (8,981,612) |
Long-term share ownership plans 2 | 643,650 |  |  | 606,497 |  |  | 1,826,185 |  |  | 1,914,829 |
Dividend reinvestment plan and other | 17,597 |  |  | 66,311 |  |  | 83,023 |  |  | 113,496 |
Outstanding, end of period 3 | 1,563,866,892 |  |  | 1,561,910,213 |  |  | 1,563,866,892 |  |  | 1,561,910,213 |
1.Net of 70,740,647 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2023 (March 31, 2022 – 72,058,294) and 62,910,220 as at December 31, 2022 (December 31, 2021 – 69,663,192). 2.Includes management share option plan and restricted stock plan. 3.Net of 71,921,167 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2023 (June 30, 2022 – 77,112,939).
Schedule of basic and diluted earnings per share | The components of basic and diluted earnings per share are summarized in the following table:
FOR THE PERIODS ENDED JUN. 30 (MILLIONS) | Three Months Ended |  | Six Months Ended
2023 |  | 2022 |  | 2023 |  | 2022
Net income attributable to shareholders | $ | 81 |  |  | $ | 590 |  |  | $ | 201 |  |  | $ | 1,949 |
Preferred share dividends | (41) |  |  | (37) |  |  | (82) |  |  | (74) |
Net income available to shareholders | 40 |  |  | 553 |  |  | 119 |  |  | 1,875 |
Dilutive impact of exchangeable shares | — |  |  | 1 |  |  | — |  |  | 3 |
Net income available to shareholders including dilutive impact of exchangeable shares | $ | 40 |  |  | $ | 554 |  |  | $ | 119 |  |  | $ | 1,878 |
FOR THE PERIODS ENDED JUN. 30 (MILLIONS) | Three Months Ended |  | Six Months Ended
2023 |  | 2022 |  | 2023 |  | 2022
Weighted average – Class A and Class B shares | 1,564.0 |  |  | 1,564.4 |  |  | 1,568.2 |  |  | 1,566.0 |
Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate | 14.4 |  |  | 52.7 |  |  | 14.6 |  |  | 55.9 |
Class A and Class B shares and share equivalents | 1,578.4 |  |  | 1,617.1 |  |  | 1,582.8 |  |  | 1,621.9 |

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