| Earnings per share |
Earnings per share For a discussion of the computation of basic and diluted earnings per share (“EPS”), see Note 24 of JPMorgan Chase’s 2013 Annual Report. The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2014 and 2013. | | | | | | | | | | | | | | | (in millions, except per share amounts) | Three months
ended June 30, | | Six months
ended June 30, | 2014 | 2013 | | 2014 | 2013 | Basic earnings per share | | | | | | Net income | $ | 5,985 |
| $ | 6,496 |
| | $ | 11,259 |
| $ | 13,025 |
| Less: Preferred stock dividends | 268 |
| 204 |
| | 495 |
| 386 |
| Net income applicable to common equity | 5,717 |
| 6,292 |
| | 10,764 |
| 12,639 |
| Less: Dividends and undistributed earnings allocated to participating securities | 144 |
| 191 |
| | 294 |
| 407 |
| Net income applicable to common stockholders | $ | 5,573 |
| $ | 6,101 |
| | $ | 10,470 |
| $ | 12,232 |
| | | | | | | Total weighted-average basic shares outstanding | 3,780.6 |
| 3,782.4 |
| | 3,783.9 |
| 3,800.3 |
| Net income per share | $ | 1.47 |
| $ | 1.61 |
| | $ | 2.77 |
| $ | 3.22 |
| | | | | | | Diluted earnings per share | | | | | | Net income applicable to common stockholders | $ | 5,573 |
| $ | 6,101 |
| | $ | 10,470 |
| $ | 12,232 |
| Total weighted-average basic shares outstanding | 3,780.6 |
| 3,782.4 |
| | 3,783.9 |
| 3,800.3 |
| Add: Employee stock options, SARs and warrants(a) | 31.9 |
| 31.9 |
| | 34.2 |
| 30.3 |
| Total weighted-average diluted shares outstanding(b) | 3,812.5 |
| 3,814.3 |
| | 3,818.1 |
| 3,830.6 |
| Net income per share | $ | 1.46 |
| $ | 1.60 |
| | $ | 2.74 |
| $ | 3.19 |
|
| | (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 1 million and 8 million for the three months ended June 30, 2014 and 2013, respectively, and 1 million and 11 million for the six months ended June 30, 2014 and 2013, 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. |
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