Common shares

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common shares

Common shares

	As at Sep 30	As at Dec 31
thousands of shares	2024	2023
Authorized	1,100,000	1,100,000
Outstanding	523,403	535,837

The current 12-month normal course issuer bid program came into effect June 29, 2024 under which Imperial has continued its existing share purchase program. The program enables the company to purchase up to a maximum of 26,791,840 common shares (5 percent of the total shares on June 15, 2024) which includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.

The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.

The company’s common share activities are summarized below:

	Thousands of  shares	Millions of  dollars
Balance as at December 31, 2022	584,153	1,079
Purchases at stated value	(48,316)	(87)
Balance as at December 31, 2023	535,837	992
Purchases at stated value	(12,434)	(23)
Balance as at September 30, 2024	523,403	969

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:

	Third Quarter		Nine Months        to September 30
	2024	2023	2024	2023
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)	1,237	1,601	3,565	3,524
Weighted-average number of common shares outstanding (millions of shares)	530.6	578.0	534.1	582.1
Net income (loss) per common share (dollars)	2.33	2.77	6.67	6.05
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)	1,237	1,601	3,565	3,524
Weighted-average number of common shares outstanding (millions of shares)	530.6	578.0	534.1	582.1
Effect of employee share-based awards (millions of shares)	1.3	1.3	1.2	1.2
Weighted-average number of common shares outstanding,         assuming dilution (millions of shares)	531.9	579.3	535.3	583.3
Net income (loss) per common share (dollars)	2.33	2.76	6.66	6.04
Dividends per common share – declared (dollars)	0.60	0.50	1.80	1.44