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Common shares | 12 Months Ended
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Dec. 31, 2019
Common shares | 11. Common shares
thousands of shares At December 31 |  | 2019 |  |  | 2018 |
Authorized |  |  | 1,100,000 |  |  |  | 1,100,000 |
Common shares outstanding |  |  | 743,902 |  |  |  | 782,565 |
The current 12-month normal course issuer bid program came into effect June 27, 2019, under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 38,211,086 common shares (5 percent of the total shares on June 13, 2019) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. 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 |
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 Common share information and schedule of earnings per share calculations + References No definition available. + Details
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