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Common shares (Tables) | 12 Months Ended
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Dec. 31, 2019
Summary of Common Shares |
thousands of shares At December 31 |  | 2019 |  |  | 2018 |
Authorized |  |  | 1,100,000 |  |  |  | 1,100,000 |
Common shares outstanding |  |  | 743,902 |  |  |  | 782,565 |
Common Share Activities | The company’s common share activities are summarized below:
|  |  |  |  | Thousands of shares |  |  | Millions of dollars |
Balance as at January 1, 2017 |  |  |  |  |  |  | 847,599 |  |  |  | 1,566 |
Issued under employee share-based awards |  |  |  |  |  |  | 2 |  |  |  | - |
Purchases at stated value |  |  |  |  |  |  | (16,359 | ) |  |  | (30 | )
Balance as at December 31, 2017 |  |  |  |  |  |  | 831,242 |  |  |  | 1,536 |
Issued under employee share-based awards |  |  |  |  |  |  | 2 |  |  |  | - |
Purchases at stated value |  |  |  |  |  |  | (48,679 | ) |  |  | (90 | )
Balance as at December 31, 2018 |  |  |  |  |  |  | 782,565 |  |  |  | 1,446 |
Issued under employee share-based awards |  |  |  |  |  |  | 1 |  |  |  | - |
Purchases at stated value |  |  |  |  |  |  | (38,664 | ) |  |  | (71 | )
Balance as at December 31, 2019 |  |  |  |  |  |  | 743,902 |  |  |  | 1,375 |
Calculation of Basic and Diluted Earnings Per Share | The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Net income (loss) per common share – basic |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) (millions of Canadian dollars) |  |  | 2,200 |  |  |  | 2,314 |  |  |  | 490 |
Weighted average number of common shares outstanding (millions of shares) |  |  | 762.7 |  |  |  | 807.5 |  |  |  | 842.9 |
Net income (loss) per common share (dollars) |  |  | 2.88 |  |  |  | 2.87 |  |  |  | 0.58 |
Net income (loss) per common share – diluted |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) (millions of Canadian dollars) |  |  | 2,200 |  |  |  | 2,314 |  |  |  | 490 |
Weighted average number of common shares outstanding (millions of shares) |  |  | 762.7 |  |  |  | 807.5 |  |  |  | 842.9 |
Effect of employee share-based awards (millions of shares) |  |  | 2.3 |  |  |  | 2.6 |  |  |  | 2.8 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) |  |  | 765.0 |  |  |  | 810.1 |  |  |  | 845.7 |
Net income (loss) per common share (dollars) |  |  | 2.88 |  |  |  | 2.86 |  |  |  | 0.58 |
Dividends per common share – declared (dollars) |  |  | 0.85 |  |  |  | 0.73 |  |  |  | 0.63 |

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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