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Common shares
 12 Months Ended
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