5. EARNINGS PER COMMON SHARE AND DIVIDENDS PER SHARE

NUMERATOR

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.

DENOMINATOR

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.

For the three months ended June 30, 2025, 1.6 million of anti-dilutive stock options with a weighted average exercise price of $60.21 were excluded from the diluted earnings per common share calculation. There were no anti-dilutive stock options outstanding for the three months ended June 30, 2026.

For the six months ended June 30, 2026 and 2025, 1.1 million and 2.4 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $69.76 and $60.37, respectively, were excluded from the diluted earnings per common share calculation.

DIVIDENDS PER SHARE

On July 27, 2026, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2026 to shareholders of record on August 14, 2026.