Earnings Per Share |
Note 6 – Earnings Per Share (“EPS”)Accounting policy. The Company computes basic earnings per share using the weighted-average number of unrestricted common and deferred shares outstanding. Diluted earnings per share also includes the dilutive effect of outstanding employee stock options and restricted stock using the treasury stock method and the effect of strategic performance shares.Basic and diluted earnings per share were computed as follows: | | | 2019 | | 2018 | | 2017 | (Shares in thousands, dollars in millions, except per share amounts) | | | Effect of | | | | | Effect of | | | | | Effect of | | | Basic | Dilution | Diluted | Basic | Dilution | Diluted | Basic | Dilution | Diluted | Shareholders’ net income | $ | 5,104 | | | $ | 5,104 | $ | 2,637 | $ | | $ | 2,637 | $ | 2,237 | | | $ | 2,237 | Shares | | | | | | | | | | | | | | | | | | | Weighted average | | 375,919 | | | | 375,919 | | 246,652 | | | | 246,652 | | 250,892 | | | | 250,892 | Common stock equivalents | | | | 3,898 | | 3,898 | | | | 3,573 | | 3,573 | | | | 4,180 | | 4,180 | Total shares | | 375,919 | | 3,898 | | 379,817 | | 246,652 | | 3,573 | | 250,225 | | 250,892 | | 4,180 | | 255,072 | EPS | $ | 13.58 | $ | (0.14) | $ | 13.44 | $ | 10.69 | $ | (0.15) | $ | 10.54 | $ | 8.92 | $ | (0.15) | $ | 8.77 | | | | | | | | | | | | | | | | | | | | | The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive.(In millions) | 2019 | 2018 | 2017 | Anti-dilutive options | 3.5 | 0.9 | 0.9 |
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