Per Share Amounts

9 Months Ended

Sep. 30, 2025



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.