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EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [abstract] |
Schedule of equity | The company’s common equity is comprised of the following:
AS AT JUN. 30, 2024 AND DEC. 31, 2023 (MILLIONS) | 2024 |  | 2023
Common shares | $ | 10,831 |  |  | $ | 10,879 |
Contributed surplus | 109 |  |  | 112 |
Retained earnings | 17,131 |  |  | 18,006 |
Ownership changes | 5,036 |  |  | 4,510 |
Accumulated other comprehensive income | 8,125 |  |  | 8,167 |
Common equity | $ | 41,232 |  |  | $ | 41,674 |
The number of issued and outstanding Class A and Class B shares and unexercised options are as follows:
AS AT JUN. 30, 2024 AND DEC. 31, 2023 | 2024 |  | 2023
Class A shares 1 | 1,508,146,799 |  |  | 1,523,372,339 |
Class B shares | 85,120 |  |  | 85,120 |
Shares outstanding 1 | 1,508,231,919 |  |  | 1,523,457,459 |
Unexercised options, other share-based plans 2 and exchangeable shares of affiliate | 88,896,428 |  |  | 91,632,045 |
Total diluted shares | 1,597,128,347 |  |  | 1,615,089,504 |
1.Net of 100,610,227 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2024 (December 31, 2023 – 81,849,805). 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 | 2024 |  | 2023 |  | 2024 |  | 2023
Outstanding, beginning of period 1 | 1,512,906,498 |  |  | 1,564,393,929 |  |  | 1,523,457,459 |  |  | 1,573,371,868 |
Issued (Repurchased) |  |  |  |  |  |  |
Issuances | 658,243 |  |  | 1,380 |  |  | 1,594,541 |  |  | 262,361 |
Repurchases | (7,098,910) |  |  | (1,189,664) |  |  | (20,313,372) |  |  | (11,676,545) |
Long-term share ownership plans 2 | 1,752,920 |  |  | 643,650 |  |  | 3,467,385 |  |  | 1,826,185 |
Dividend reinvestment plan and other | 13,168 |  |  | 17,597 |  |  | 25,906 |  |  | 83,023 |
Outstanding, end of period 3 | 1,508,231,919 |  |  | 1,563,866,892 |  |  | 1,508,231,919 |  |  | 1,563,866,892 |
1.Net of 93,511,317 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2024 (March 31, 2023 – 70,740,647) and 81,849,805 as at December 31, 2023 (December 31, 2022 – 62,910,220). 2.Includes management share option plan and restricted stock plan. 3.Net of 100,610,227 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2024 (June 30, 2023 – 71,921,167).
Schedule of basic and diluted earnings per share | The components of basic and diluted earnings per share are summarized in the following table:
| Three Months Ended |  | Six Months Ended
FOR THE PERIODS ENDED JUN. 30 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
Net income attributable to shareholders | $ | 43 |  |  | $ | 81 |  |  | $ | 145 |  |  | $ | 201 |
Preferred share dividends | (42) |  |  | (41) |  |  | (84) |  |  | (82) |
Net income available to shareholders | 1 |  |  | 40 |  |  | 61 |  |  | 119 |
Dilutive impact of exchangeable shares | — |  |  | — |  |  | — |  |  | — |
Net income available to shareholders including dilutive impact of exchangeable shares | $ | 1 |  |  | $ | 40 |  |  | $ | 61 |  |  | $ | 119 |
| Three Months Ended |  | Six Months Ended
FOR THE PERIODS ENDED JUN. 30 (MILLIONS) | 2024 |  | 2023 |  | 2024 |  | 2023
Weighted average – Class A and Class B shares | 1,509.6 |  |  | 1,564.0 |  |  | 1,514.3 |  |  | 1,568.2 |
Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate | 26.4 |  |  | 14.4 |  |  | 24.4 |  |  | 14.6 |
Class A and Class B shares and share equivalents | 1,536.0 |  |  | 1,578.4 |  |  | 1,538.7 |  |  | 1,582.8 |

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