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Per Share Amounts | 9 Months Ended
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Sep. 30, 2023
Earnings per share [abstract] |
Per Share Amounts |
7. PER SHARE AMOUNTS
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Net Earnings (Loss) | 1,864 |  | 1,609 |  | 3,366 |  | 5,666
Effect of Cumulative Dividends on Preferred Shares | (9) |  | (9) |  | (27) |  | (26)
Net Earnings (Loss) – Basic and Diluted | 1,855 |  | 1,600 |  | 3,339 |  | 5,640
Basic – Weighted Average Number of Shares (thousands) | 1,891,937 |  | 1,927,864 |  | 1,900,952 |  | 1,962,813
Dilutive Effect of Warrants | 6,408 |  | 41,956 |  | 27,491 |  | 45,002
Dilutive Effect of Net Settlement Rights | 6,752 |  | 7,188 |  | 7,643 |  | 10,657
Dilutive Effect of Cenovus Replacement Stock Options | — |  | 1,637 |  | 630 |  | —
Diluted – Weighted Average Number of Shares (thousands) | 1,905,097 |  | 1,978,645 |  | 1,936,716 |  | 2,018,472
Net Earnings (Loss) Per Common Share – Basic ($) | 0.98 |  | 0.83 |  | 1.76 |  | 2.87
Net Earnings (Loss) Per Common Share – Diluted (1) (2) ($) | 0.97 |  | 0.81 |  | 1.72 |  | 2.79
(1)For the three months ended September 30, 2023, net earnings of $6 million and common shares of 0.6 million related to the assumed exercise of the Cenovus replacement stock options were excluded from the calculation of dilutive net earnings (loss) per share as the impact was anti-dilutive. For the nine months ended September 30, 2022, net earnings of $35 million and common shares of 1.6 million related to the assumed exercise of the Cenovus replacement stock options were excluded from the calculation of dilutive net earnings (loss) per share as the effect was anti-dilutive. (2)For the three and nine months ended September 30, 2023, net settlement rights (“NSRs”) of 1.5 million and 1.5 million, respectively, (three and nine months ended September 30, 2022 – 2.0 million and 2.0 million, respectively) were excluded from the calculation of diluted weighted average number of shares as the effect was anti-dilutive. B) Common Share Dividends
| 2023 |  | 2022
For the nine months ended September 30, | Per Share |  | Amount |  | Per Share |  | Amount
Base Dividends | 0.385 |  | 729 |  | 0.245 |  | 481
Variable Dividends | — |  | — |  | — |  | —
Total Common Share Dividends Declared and Paid | 0.385 |  | 729 |  | 0.245 |  | 481
The declaration of common share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. On November 1, 2023, the Company’s Board of Directors declared a fourth quarter base dividend of $0.140 per common share, payable on December 29, 2023, to common shareholders of record as at December 15, 2023. C) Preferred Share Dividends
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2023 |  | 2022 |  | 2023 |  | 2022
Series 1 First Preferred Shares | 2 |  | 1 |  | 5 |  | 5
Series 2 First Preferred Shares | 1 |  | 1 |  | 2 |  | 1
Series 3 First Preferred Shares | 3 |  | 3 |  | 9 |  | 9
Series 5 First Preferred Shares | 2 |  | 3 |  | 7 |  | 7
Series 7 First Preferred Shares | 1 |  | 1 |  | 4 |  | 4
Total Preferred Share Dividends Declared | 9 |  | 9 |  | 27 |  | 26
The declaration of preferred share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. In the three and nine months ended September 30, 2023, the Company paid $nil and $27 million, respectively, in preferred share dividends (three and nine months ended September 30, 2022 – $9 million and $26 million, respectively). O n November 1, 2023, the Company’s Board of Directors declared fourth quarter divide nds of $9 million payable on January 2, 2024, to preferred shareholders of record as at December 15, 2023.

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