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Common shares
9 Months Ended
Sep. 30, 2020
Common shares
11.  Common shares
 
                                                             
thousands of shares
  
As of
Sept 30
2020
    
As of
Dec 31
2019
 
Authorized
  
 
1,100,000
 
  
 
1,100,000
 
Common shares outstanding
  
 
734,077
 
  
 
743,902
 
The current
12-month
limited normal course issuer bid program came into effect on June 29, 2020 and is used primarily to eliminate dilution from shares issued in conjunction with Imperial’s restricted stock unit plan. The program enables the company to purchase up to a maximum of 50,000 common shares, which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. 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.
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, 2018
  
 
782,565
 
 
 
1,446
 
Issued under employee share-based awards
  
 
1
 
 
 
-
 
Purchases at stated value
  
 
(38,664
 
 
(71
Balance as at December 31, 2019
  
 
743,902
 
 
 
1,375
 
Issued under employee share-based awards
  
 
-
 
 
 
-
 
Purchases at stated value
  
 
(9,825
)
 
 
 
(18
)
 
Balance as at September 30, 2020
  
 
734,077
 
 
 
1,357
 
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
 
 
     
    2020
         2019     
    2020
         2019  
Net income (loss) per common share - basic
           
Net income (loss)
(millions of Canadian dollars)
  
 
3
 
     424     
 
(711
)
 
     1,929  
Weighted average number of common shares outstanding
(millions of shares)
  
 
734.1
 
     757.8     
 
735.7
 
     767.6  
Net income (loss) per common share
(dollars)
  
 
-
 
     0.56     
 
(0.97
)
 
     2.51  
Net income (loss) per common share - diluted
           
Net income (loss)
(millions of Canadian dollars)
  
 
3
 
     424     
 
(711
)
 
     1,929  
Weighted average number of common shares outstanding
(millions of shares)
  
 
734.1
 
     757.8     
 
735.7
 
     767.6  
Effect of employee share-based awards
(millions of shares) (a)
  
 
2.2
 
     2.5     
 
-
 
     2.4  
Weighted average number of common shares outstanding, assuming dilution
(millions of shares)
  
 
736.3
 
     760.3     
 
735.7
 
     770.0  
Net income (loss) per common share
(dollars)
  
 
-
 
     0.56     
 
(0.97
)
 
     2.51  
Dividends per common share - declared
(dollars)
  
 
0.22
 
     0.22     
 
0.66
 
     0.63  
(a)
For Nine Months to September 30, 2020, the Net income (loss) per common share – diluted excludes the effect of 2.1 million employee share-based awards. Share-based awards have the potential to dilute basic earnings per share in the future.