ENBRIDGE INC Earnings Per Share Disclosure
NUMERATOR
The numerator used in calculating both basic and diluted earnings per share equals Earnings attributable to common shareholders per the Consolidated Statements of Earnings, less Redemption value adjustment attributable to redeemable NCI per the Consolidated Statements of Changes in Equity.
DENOMINATOR
The denominator of the basic earnings per common share calculation represents the weighted average number of common shares outstanding.
The denominator of the diluted earnings per common share calculation uses the treasury stock method to determine the dilutive impact of stock options and share-settled RSUs. This method assumes any proceeds from the exercise of stock options and vesting of share-settled RSUs would be used to purchase common shares at the average market price during the period. The basic weighted average shares outstanding are adjusted by this dilutive impact to derive the diluted weighted average shares outstanding.
Weighted average shares outstanding used to calculate basic and diluted earnings per common share are as follows:
December 31, |
2025 |
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2024 |
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2023 |
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(number of shares in millions) |
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Weighted average shares outstanding |
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2,180 |
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2,155 |
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2,056 |
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Effect of dilutive options and RSUs |
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6 |
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3 |
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2 |
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Diluted weighted average shares outstanding |
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2,186 |
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2,158 |
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2,058 |
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For the years ended December 31, 2025, 2024 and 2023, 1.2 million, 14.6 million and 19.3 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $60.37, $54.37 and $54.42, respectively, were excluded from the diluted earnings per common share calculation.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.