The numerator used in calculating both basic and diluted earnings per share equals Earnings attributable to common shareholders per the Consolidated Statements of Earnings, less Redemption value adjustment attributable to redeemable noncontrolling interest per the Consolidated Statements of Changes in Equity.

The denominator of the basic earnings per common share calculation represents the weighted average number of common shares outstanding.

The denominator of the diluted earnings per common share calculation uses the treasury stock method to determine the dilutive impact of stock options and share-settled RSUs. This method assumes any proceeds from the exercise of stock options and vesting of share-settled RSUs would be used to purchase common shares at the average market price during the period. The basic weighted average shares outstanding are adjusted by this dilutive impact to derive the diluted weighted average shares outstanding.

Weighted average shares outstanding used to calculate basic and diluted earnings per common share are as follows:


	Three months ended March 31,
	2026		2025
(number of shares in millions)
Weighted average shares outstanding		2,182		2,179
Effect of dilutive options and RSUs		6		6
Diluted weighted average shares outstanding		2,188		2,185

For the three months ended March 31, 2026 and 2025, 2.3 million and 3.1 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $69.76 and $60.45, respectively, were excluded from the diluted earnings per common share calculation.

On May 5, 2026, our Board of Directors declared the following quarterly dividends. All dividends are payable on June 1, 2026 to shareholders of record on May 15, 2026.


	Dividend per share
Common Shares	$0.9700
Preference Shares, Series A	$0.34375
Preference Shares, Series B	$0.32513
Preference Shares, Series D	$0.33825
Preference Shares, Series F	$0.34613
Preference Shares, Series G1	$0.29616
Preference Shares, Series H	$0.38200
Preference Shares, Series I2	$0.27159
Preference Shares, Series L	US$0.36612
Preference Shares, Series N	$0.41850
Preference Shares, Series P	$0.36988
Preference Shares, Series R	$0.39463
Preference Shares, Series 1	US$0.41898
Preference Shares, Series 3	$0.33050
Preference Shares, Series 43	$0.28797
Preference Shares, Series 5	US$0.41769
Preference Shares, Series 7	$0.37425
Preference Shares, Series 9	$0.35450
Preference Shares, Series 11	$0.34231
Preference Shares, Series 13	$0.33719
Preference Shares, Series 15	$0.35163
Preference Shares, Series 19	$0.38825

The quarterly dividend per share paid on Preference Shares, Series G was decreased to $0.29616 from $0.29836 on March 1, 2026 due to reset on a quarterly basis following the date of issuance.

The quarterly dividend per share paid on Preference Shares, Series I was decreased to $0.27159 from $0.27432 on March 1, 2026 due to reset on a quarterly basis following the date of issuance.

The quarterly dividend per share paid on Preference Shares, Series 4 was decreased to $0.28797 from $0.29034 on March 1, 2026 due to reset on a quarterly basis following the date of issuance.