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Common shares | 3 Months Ended
--- | ---
Mar. 31, 2022
Common shares |
9. | 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 |
The most recent 12-month normal course issuer bid program came into effect June 29, 2021, under which Imperial continued its existing share purchase program. The program enabled the company to purchase up to a maximum of 35,583,671 common shares (5 percent of the total shares on June 15, 2021) which included 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 advised the company that it intended to participate to maintain its ownership percentage at approximately 69.6 percent. The program completed on January 31, 2022 as a result of the company purchasing the maximum allowable number of shares under the program. On April 29, 2022 the company announced its intention to launch a substantial issuer bid pursuant to which the company will offer to purchase for cancellation up to $2,500,000,000 of its common shares. The substantial issuer bid will be made through a modified Dutch auction, with a tender price range to be determined by the company at the time of commencement of the offer. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. ExxonMobil has advised Imperial that it intends to make a proportionate tender in connection with the offer in order to maintain its proportionate share ownership at approximately 69.6 percent following completion of the offer. Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any shares. 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 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 |
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 Common share information and schedule of earnings per share calculations + References No definition available. + Details
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