9 9 8 they are recognized, impact the comparability of our core operating results from period to period, are not always reflective of th e underlying operating performance of our business and/or are not necessarily indicative of future operating results. Adjusted Net Income and Adjusted Net Income per share are intended to provide additional information to investors and analysts and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Reconciliation of Net Income to Adjusted Net Income For the three For the year months ended ended December 31, December 31, (expressed in millions, except per share amounts) 2021 2020 2021 2020 Net income $ 220.9 $ 176.7 $ 733.7 $ 326.2 Impairment (reversals) and charges (75.5) (9.6) (68.0) 262.1 Foreign exchange loss (gain) and other (income) expenses 1.3 (2.5) 3.0 (2.8) Tax effect of adjustments 19.3 (1.6) 17.8 (69.2) Other tax related adjustments: Recognition of previously unrecognized deferred tax assets (2.3) Nil (12.9) Nil Adjusted Net Income $ 163.7 $ 163.0 $ 673.6 $ 516.3 Basic weighted average shares outstanding 191.2 190.9 191.1 190.3 Basic earnings per share $ 1.16 $ 0.93 $ 3.84 $ 1.71 Impairment charges (0.40) (0.05) (0.36) 1.38 Foreign exchange loss (gain) and other (income) expenses 0.01 (0.01) 0.02 (0.01) Tax effect of adjustments 0.10 (0.02) 0.09 (0.37) Other tax related adjustments: Recognition of previously unrecognized deferred tax assets (0.01) Nil (0.07) Nil Adjusted Net Income per share $ 0.86 $ 0.85 $ 3.52 $ 2.71