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Common shares (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Summary of Common Shares |
|  | As of |  |  | As of |
|  | Mar 31 |  |  | Dec 31 |
thousands of shares |  | 2022 |  |  | 2021 |
Authorized |  |  | 1,100,000 |  |  |  | 1,100,000 |
Common shares outstanding |  |  | 669,144 |  |  |  | 678,080 |
Common Share Activities | The company’s common share activities are summarized below:
|  | Thousands of shares |  |  | Millions of dollars |
Balance as at December 31, 2020 |  |  | 734,077 |  |  |  | 1,357 |
Issued under employee share-based awards |  |  | 7 |  |  |  | - |
Purchases at stated value |  |  | (56,004 | ) |  |  | (105 | )
Balance as at December 31, 2021 |  |  | 678,080 |  |  |  | 1,252 |
Issued under employee share-based awards |  |  | - |  |  |  | - |
Purchases at stated value |  |  | (8,936 | ) |  |  | (15 | )
Balance as at March 31, 2022 |  |  | 669,144 |  |  |  | 1,237 |
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:
|  |  | Three Months |
|  |  | to March 31 |
|  |  | 2022 |  |  |  | 2021 |
Net income (loss) per common share - basic |  |  |  |  |  |  |  |
Net income (loss) (millions of Canadian dollars) |  |  | 1,173 |  |  |  | 392 |
Weighted average number of common shares outstanding (millions of shares) |  |  | 670.5 |  |  |  | 734.1 |
Net income (loss) per common share (dollars) |  |  | 1.75 |  |  |  | 0.53 |
Net income (loss) per common share - diluted |  |  |  |  |  |  |  |
Net income (loss) (millions of Canadian dollars) |  |  | 1,173 |  |  |  | 392 |
Weighted average number of common shares outstanding (millions of shares) |  |  | 670.5 |  |  |  | 734.1 |
Effect of employee share-based awards (millions of shares) |  |  | 1.4 |  |  |  | 1.6 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) |  |  | 671.9 |  |  |  | 735.7 |
Net income (loss) per common share (dollars) |  |  | 1.75 |  |  |  | 0.53 |
Dividends per common share - declared (dollars) |  |  | 0.34 |  |  |  | 0.22 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 + Details
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