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Common shares (Tables)
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Summary of Common Shares
At December 31
thousands of shares2023 2022 
Authorized1,100,000 1,100,000 
Outstanding535,837 584,153 
Common Share Activities
The company’s common share activities are summarized below:

 Thousands of
 shares 		Millions of
 dollars
Balance as at January 1, 2021734,077 1,357 
Issued under employee share-based awards7 — 
Purchases at stated value(56,004)(105)
Balance as at December 31, 2021678,080 1,252 
Issued under employee share-based awards— — 
Purchases at stated value(93,927)(173)
Balance as at December 31, 2022584,153 1,079 
Issued under employee share-based awards— — 
Purchases at stated value(48,316)(87)
Balance as at December 31, 2023
535,837
992
Calculation of Basic and Diluted Earnings Per Share
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:

 2023 2022 2021 
Net income (loss) per common share – basic   
Net income (loss) (millions of Canadian dollars)
4,889 7,340 2,479 
Weighted-average number of common shares outstanding (millions of shares)
574.8 640.2 711.6 
Net income (loss) per common share (dollars)
8.51 11.47 3.48 
 
Net income (loss) per common share – diluted   
Net income (loss) (millions of Canadian dollars)
4,889 7,340 2,479 
Weighted-average number of common shares outstanding (millions of shares)
574.8 640.2 711.6 
Effect of employee share-based awards (millions of shares)
1.1 1.3 1.6 
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
575.9 641.5 713.2 
Net income (loss) per common share (dollars)
8.49 11.44 3.48 
 
Dividends per common share – declared (dollars)
1.94 1.46 1.03