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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
Earnings per share
For a discussion of the computation of basic and diluted earnings per share (“EPS”), see Note 24 on page 301 of JPMorgan Chase’s 2012 Annual Report. The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2013 and 2012.
(in millions, except per share amounts)
Three months ended
September 30,
 
Nine months ended
September 30,
2013
 
2012
 
2013
2012
Basic earnings
  per share
 
 
 
 
 
 
Net income/(loss)
$
(380
)
 
$
5,708

 
$
12,645

$
15,592

Less: Preferred stock dividends
229

 
163

 
615

478

Net income/(loss) applicable to common equity
(609
)
 
5,545

 
12,030

15,114

Less: Dividends and undistributed earnings allocated to participating securities
41

(c) 
199

 
374

558

Net income/(loss) applicable to common stockholders
$
(650
)
 
$
5,346

 
$
11,656

$
14,556

Total weighted-average basic shares outstanding
3,767.0

 
3,803.3

 
3,789.2

3,810.4

Net income/(loss)
  per share
$
(0.17
)
 
$
1.41

 
$
3.08

$
3.82

 
 
 
 
 
 
 
Diluted earnings per share
 
 
 
 
 
 
Net income/(loss) applicable to common stockholders
$
(650
)
 
$
5,346

 
$
11,656

$
14,556

Total weighted-average basic shares outstanding
3,767.0

 
3,803.3

 
3,789.2

3,810.4

Add: Employee stock options, SARs and warrants(a)
—

(d) 
10.6

 
31.7

12.2

Total weighted-average diluted shares outstanding(b)
3,767.0

(d) 
3,813.9

 
3,820.9

3,822.6

Net income/(loss)
  per share
$
(0.17
)
 
$
1.40

 
$
3.05

$
3.81

(a)
Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans and the warrants originally issued in 2008 under the U.S. Treasury’s Capital Purchase Program to purchase shares of the Firm’s common stock. The aggregate number of shares issuable upon the exercise of such options and warrants was 147 million for the three months ended September 30, 2012, and 8 million and 158 million for the nine months ended September 30, 2013 and 2012, respectively.
(b)
Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method.
(c)
Due to the net loss applicable to common equity during the three months ended September 30, 2013, dividends were only deemed to be distributed to participating security holders, and such security holders do not share in losses. Net losses were completely allocated to common stockholders.
(d)
Due to the net loss applicable to common stockholders during the three months ended September 30, 2013, no common equivalent shares have been included in the computation of diluted earnings per share for the period as the effect would be antidilutive.