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Per Share Amounts | 9 Months Ended
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Sep. 30, 2024
Earnings per share [abstract] |
Per Share Amounts |
8. PER SHARE AMOUNTS
A) Net Earnings (Loss) Per Common Share – Basic and Diluted
| Three Months Ended |  | Nine Months Ended
For periods ended September 30, | 2024 |  | 2023 |  | 2024 |  | 2023
Net Earnings (Loss) | 820 |  | 1,864 |  | 2,996 |  | 3,366
Effect of Cumulative Dividends on Preferred Shares | (9) |  | (9) |  | (27) |  | (27)
Net Earnings (Loss) – Basic | 811 |  | 1,855 |  | 2,969 |  | 3,339
Effect of Stock-Based Compensation | (31) |  | — |  | 6 |  | (1)
Net Earnings (Loss) – Diluted | 780 |  | 1,855 |  | 2,975 |  | 3,338
Basic – Weighted Average Number of Shares (thousands) | 1,848,035 |  | 1,891,937 |  | 1,858,364 |  | 1,900,952
Dilutive Effect of Warrants | 3,729 |  | 6,408 |  | 5,039 |  | 27,491
Dilutive Effect of Stock-Based Compensation | 11,548 |  | 6,752 |  | 9,221 |  | 8,273
Diluted – Weighted Average Number of Shares (thousands) | 1,863,312 |  | 1,905,097 |  | 1,872,624 |  | 1,936,716
Net Earnings (Loss) Per Common Share – Basic ($) | 0.44 |  | 0.98 |  | 1.60 |  | 1.76
Net Earnings (Loss) Per Common Share – Diluted (1) ($) | 0.42 |  | 0.97 |  | 1.59 |  | 1.72
(1)For the three months ended September 30, 2024, net earnings of $nil (2023 – $115 million) and 3.0 million common shares (2023 – 22.8 million), related to the assumed exercise of stock-based compensation were excluded from the calculation of dilutive net earnings (loss) per share as the effect was anti-dilutive. For the nine months ended September 30, 2024, net earnings of $20 million (2023 – $107 million) and 11.5 million common shares (2023 – 21.6 million), related to the assumed exercise of stock-based compensation were excluded from the calculation of dilutive net earnings (loss) per share as the effect was anti-dilutive. B) Common Share Dividends
| 2024 |  | 2023
For the nine months ended September 30, | Per Share |  | Amount |  | Per Share |  | Amount
Base Dividends | 0.500 |  | 925 |  | 0.385 |  | 729
Variable Dividends | 0.135 |  | 251 |  | — |  | —
Total Common Share Dividends Declared and Paid | 0.635 |  | 1,176 |  | 0.385 |  | 729
The declaration of common share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. On October 30, 2024, the Company’s Board of Directors declared a fourth quarter base dividend of $0.180 per common share, payable on December 31, 2024, to common shareholders of record as at December 13, 2024. C) Preferred Share Dividends
For the nine months ended September 30, |  |  |  |  | 2024 |  | 2023
Series 1 First Preferred Shares |  |  |  |  | 5 |  | 5
Series 2 First Preferred Shares |  |  |  |  | 2 |  | 2
Series 3 First Preferred Shares |  |  |  |  | 9 |  | 9
Series 5 First Preferred Shares |  |  |  |  | 7 |  | 7
Series 7 First Preferred Shares |  |  |  |  | 4 |  | 4
Total Preferred Share Dividends Declared |  |  |  |  | 27 |  | 27
The declaration of preferred share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. In the nine months ended September 30, 2024, the Company paid preferred share dividends of $27 million (2023 – $27 million). On October 1, 2024, the Company paid preferred share dividends of $9 million, as declared on July 31, 2024. On October 30, 2024, the Company’s Board of Directors declared fourth quarter dividends of $9 million payable on December 31, 2024, to preferred shareholders of record as at December 13, 2024.

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