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Per Share Amounts | 9 Months Ended
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Sep. 30, 2025
Earnings per share [abstract] |
Per Share Amounts |
7. PER SHARE AMOUNTS
A) Net Earnings (Loss) Per Common Share – Basic and Diluted
| Three Months Ended |  | Nine Months Ended
For the periods ended September 30, | 2025 |  | 2024 |  | 2025 |  | 2024
Net Earnings (Loss) | 1,286 |  | 820 |  | 2,996 |  | 2,996
Effect of Cumulative Dividends on Preferred Shares | (2) |  | (9) |  | (12) |  | (27)
Net Earnings (Loss) – Basic | 1,284 |  | 811 |  | 2,984 |  | 2,969
Effect of Stock-Based Compensation | — |  | (31) |  | (1) |  | 6
Net Earnings (Loss) – Diluted | 1,284 |  | 780 |  | 2,983 |  | 2,975
Basic – Weighted Average Number of Shares (thousands) | 1,788,901 |  | 1,848,035 |  | 1,806,851 |  | 1,858,364
Dilutive Effect of Warrants | 2,251 |  | 3,729 |  | 2,416 |  | 5,039
Dilutive Effect of Stock-Based Compensation | 1,628 |  | 11,548 |  | 1,819 |  | 9,221
Diluted – Weighted Average Number of Shares (thousands) | 1,792,780 |  | 1,863,312 |  | 1,811,086 |  | 1,872,624
Net Earnings (Loss) Per Common Share – Basic ($) | 0.72 |  | 0.44 |  | 1.65 |  | 1.60
Net Earnings (Loss) Per Common Share – Diluted (1) ($) | 0.72 |  | 0.42 |  | 1.65 |  | 1.59
(1)For the three and nine months ended September 30, 2025, 25.1 million and 24.6 million, respectively (2024 — 3.0 million and 11.5 million, respectively) common shares 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
| 2025 |  | 2024
For the nine months ended September 30, | Per Share |  | Amount |  | Per Share |  | Amount
Base Dividends | 0.580 |  | 1,047 |  | 0.500 |  | 925
Variable Dividends | — |  | — |  | 0.135 |  | 251
Total Common Share Dividends Declared and Paid | 0.580 |  | 1,047 |  | 0.635 |  | 1,176
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, 2025, the Company’s Board of Directors declared a fourth quarter base dividend of $0.200 per common share, payable on December 31, 2025, to common shareholders of record as at December 15, 2025. C) Preferred Share Dividends
For the nine months ended September 30, |  |  |  |  | 2025 |  | 2024
Series 1 First Preferred Shares |  |  |  |  | 5 |  | 5
Series 2 First Preferred Shares |  |  |  |  | 1 |  | 2
Series 3 First Preferred Shares |  |  |  |  | — |  | 9
Series 5 First Preferred Shares |  |  |  |  | 2 |  | 7
Series 7 First Preferred Shares |  |  |  |  | 4 |  | 4
Total Preferred Share Dividends Declared |  |  |  |  | 12 |  | 27
The declaration of preferred share dividends is at the sole discretion of the Company’s Board of Directors and is considered quarterly. For the nine months ended September 30, 2025, the Company paid preferred share dividends of $10 million (2024 – $27 million). On October 30, 2025, the Company’s Board of Directors declared fourth quarter preferred share dividends of $2 million payable on December 31, 2025, to preferred shareholders of record as at December 15, 2025.

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