Earnings per share

12 Months Ended

Dec. 31, 2023

(a)Basic earnings per share

Basic earnings per share is calculated by dividing net income by the total weighted average number of equity shares outstanding during the year.


Years Ended December 31 (millions, except earnings per share)	2023		2022		2021
Net income	$	54	$	183	$	78
Weighted average number of equity shares outstanding	274		266		264
Basic earnings per share	$	0.20	$	0.69	$	0.30

(b)Diluted earnings per share

Diluted earnings per share is calculated to give effect to the potential dilutive effect that could occur if additional equity shares were assumed to be issued under securities or instruments that may entitle their holders to obtain equity shares in the future, which include share-based compensation awards (see Note 6—Share-based compensation for additional details) and the provision for written put options (see Note 14(c)—Intangible assets and goodwill—Business acquisitions and Note 15—Provisions for additional details). The number of additional shares for inclusion in the diluted earnings per share calculation was determined using the treasury stock method and, for the provision for written put options, the if-converted method.


Years Ended December 31 (millions, except earnings per share)	2023		2022		2021
Net income	$	54	$	183	$	78
After-tax impact of provisions for written put options	(3)		—		—
Fully diluted net income	$	51	$	183	$	78
Weighted average number of equity shares outstanding	274		266		264
Dilutive effect of share-based compensation	3		4		3
Dilutive effect of provisions for written put options	9		—		—
Weighted average number of diluted equity shares outstanding	286		270		267
Diluted earnings per share	$	0.18	$	0.68	$	0.29

For the years ended December 31, 2023, 440,201 Share Options were anti-dilutive and excluded from the calculation of diluted earnings per share (2022 and 2021 - nil for both years)