Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2021

The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2021 and 2020.


(in millions, except per share amounts)	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Basic earnings per share
Net income	$	11,687	$	9,443	$	37,935	$	16,995
Less: Preferred stock dividends	402		381		1,174		1,203
Net income applicable to common equity	11,285		9,062		36,761		15,792
Less: Dividends and undistributed earnings allocated to participating securities	56		47		185		80
Net income applicable to common stockholders	$	11,229	$	9,015	$	36,576	$	15,712

Total weighted-average basic shares outstanding	2,999.9		3,077.8		3,036.4		3,083.3
Net income per share	$	3.74	$	2.93	$	12.05	$	5.10

Diluted earnings per share
Net income applicable to common stockholders	$	11,229	$	9,015	$	36,576	$	15,712
Total weighted-average basic shares outstanding	2,999.9		3,077.8		3,036.4		3,083.3
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs	5.2		5.0		5.3		4.8
Total weighted-average diluted shares outstanding	3,005.1		3,082.8		3,041.7		3,088.1
Net income per share	$	3.74	$	2.92	$	12.02	$	5.09