Company: ENBSF
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000895728-25-000006
Chunk: 87

Company: ENBRIDGE INC
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 87
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Revenues1Year ended December 31,202420232022(millions of Canadian dollars)   Canada22,001 23,781 27,498 US31,472 19,868 25,811  53,473 43,649 53,309 1Revenues are based on the country of origin of the product or service sold.Property, Plant and Equipment1December 31,20242023(millions of Canadian dollars)  Canada48,873 48,570 US82,231 56,071  131,104 104,641 1Amounts are based on the location where the assets are held.

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6.  EARNINGS PER COMMON SHARE

BASICEarnings per common share is calculated by dividing earnings attributable to common shareholders by the weighted average number of common shares outstanding.DILUTEDThe treasury stock method is used 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.Weighted average shares outstanding used to calculate basic and diluted earnings per common share are as follows:December 31,202420232022(number of shares in millions)   Weighted average shares outstanding2,155 2,056 2,025 Effect of dilutive options and RSUs3 2 4 Diluted weighted average shares outstanding2,158 2,058 2,029 For the years ended December 31, 2024, 2023 and 2022, 14.6 million, 19.3 million and 10.4 million, respectively, of anti-dilutive stock options with a weighted average exercise price of $54.37, $54.42 and $56.49, respectively, were excluded from the diluted earnings per common share calculation.

7.  REGULATORY MATTERS

We record assets and liabilities that result from regulated ratemaking processes that would not be recorded under US GAAP for non-regulated entities. See Note 2 - Significant Accounting Policies for further discussion. Our significant regulated businesses and the related accounting impacts are described below.Under the current authorized rate structure for certain operations, income tax costs are recovered in rates based on the current income tax payable and do not include accruals for deferred income tax. However, as income taxes become payable as