95 CP 2020 ANNUAL REPORT The number of shares used in the earnings per share calculations are reconciled as follows: (in millions of Canadian dollars, except per share data) 2020 2019 2018 Net income $ 2,444 $ 2,440  $ 1,951  Weighted-average basic shares outstanding (millions) 135.5 138.8  142.9  Dilutive effect of stock options (millions) 0.5 0.5  0.4  Weighted-average diluted shares outstanding (millions) 136.0 139.3  143.3  Earnings per share – basic $ 18.05 $ 17.58  $ 13.65  Earnings per share – diluted $ 17.97 $ 17.52  $ 13.61  In 2020, there were no options excluded from the computation of diluted earnings per share (2019 – nil; 2018 – 0.2 million).