XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.2
Common shares
 9 Months Ended
Sep. 30, 2021
Common shares
9.  Common shares
 
thousands of shares
  
As of
      Sept 30
2021
 
  
As of
        Dec 31
2020
 
Authorized
   
 
1,100,000
 
  
   1,100,000  
Common shares outstanding
   
 
695,611
 
  
   734,077  
The current 12-month normal course issuer bid program came into effect June 29, 2021, under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 35,583,671 common shares (5 percent of the total shares on June 15, 2021) 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, 2019
      743,902       1,375  
Issued under employee share-based awards
      7       -  
Purchases at stated value
      (9,832 )      (18 ) 
Balance as at December 31, 2020
      734,077       1,357  
Issued under employee share-based awards
   
 
-
 
  
 
-
 
Purchases at stated value
   
 
(38,466
)
  
 
(71
)
Balance as at September 30, 2021
   
 
695,611
 
  
 
1,286
 
The following table provides the calculation of b
a
sic 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
  
     
2021
     
2020
     
2021
     
2020
  
Net income (loss) per common share - basic
                                    
Net income (loss)
(millions of Canadian dollars)
   
 
908
 
      3     
 
1,666
 
      (711 ) 
Weighted average number of common shares outstanding
(millions of shares)
   
 
700.0
 
      734.1     
 
719.4
 
      735.7  
Net income (loss) per common share
(dollars)
   
 
1.30
 
      -     
 
2.32
 
      (0.97 ) 
         
Net income (loss) per common share - diluted
                                    
Net income (loss)
(millions of Canadian dollars)
   
 
908
 
      3     
 
1,666
 
      (711 ) 
Weighted average number of common shares outstanding
(millions of shares)
   
 
700.0
 
      734.1     
 
719.4
 
      735.7  
Effect of employee share-based awards
(millions of shares) (a)
   
 
1.9
 
      2.2     
 
1.7
 
      -  
Weighted average number of common shares outstanding, assuming dilution
(millions of shares)
   
 
701.9
 
      736.3     
 
721.1
 
      735.7  
Net income (loss) per common share
(dollars)
   
 
1.29
 
      -     
 
2.31
 
      (0.97 ) 
         
Dividends per common share - declared
(dollars)
   
 
0.27
 
      0.22     
 
0.76
 
      0.66  
(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.