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Common shares (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Equity [Abstract] |
Summary of common shares |
| As at Jun 30 | As at Dec 31
thousands of shares | 2025 | 2024
Authorized | 1,100,000 |  | 1,100,000 |
Outstanding | 509,045 |  | 509,045 |
Common share activities | The company’s common share activities are summarized below:
| Thousands of shares | Millions of dollars
Balance as at December 31, 2023 | 535,837 |  | 992 |
Purchases at stated value | (26,792) |  | (50) |
Balance as at December 31, 2024 | 509,045 |  | 942 |
Purchases at stated value | — |  | — |
Balance as at June 30, 2025 | 509,045 |  | 942 |
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:
| Second Quarter | Six Months to June 30
| 2025 | 2024 | 2025 | 2024
Net income (loss) per common share – basic |  |  |  |
Net income (loss) (millions of Canadian dollars) | 949 | 1,133 | 2,237 | 2,328
Weighted-average number of common shares outstanding (millions of shares) | 509.0 | 535.8 | 509.0 | 535.8
Net income (loss) per common share (dollars) | 1.86 | 2.11 | 4.39 | 4.34
Net income (loss) per common share – diluted |  |  |  |
Net income (loss) (millions of Canadian dollars) | 949 | 1,133 | 2,237 | 2,328
Weighted-average number of common shares outstanding (millions of shares) | 509.0 | 535.8 | 509.0 | 535.8
Effect of employee share-based awards (millions of shares) | 1.3 | 1.2 | 1.2 | 1.2
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | 510.3 | 537.0 | 510.2 | 537.0
Net income (loss) per common share (dollars) | 1.86 | 2.11 | 4.38 | 4.34
Dividends per common share – declared (dollars) | 0.72 | 0.60 | 1.44 | 1.20

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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 -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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