Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

EPS Under Basic and Diluted Computations

EPS under the basic and diluted computations for both common stock and nonvoting common stock are as follows:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2022				2023				2022
	Common Stock		Nonvoting Common Stock		Common Stock		Nonvoting Common Stock		Common Stock		Nonvoting Common Stock		Common Stock		Nonvoting Common Stock
Basic earnings per share:
Numerator
Net income	$	1,094	$	31	$	1,956	$	64	$	3,910	$	112	$	5,014	$	201
Preferred stock dividends and other (1)	(105)		(3)		(132)		(4)		(291)		(8)		(385)		(16)
Net income available to common stockholders	$	989	$	28	$	1,824	$	60	$	3,619	$	104	$	4,629	$	185
Denominator
Weighted-average common shares outstanding — basic	1,770		51		1,827		60		1,774		51		1,819		73
Basic earnings per share	$	.56	$	.56	$	1.00	$	1.00	$	2.04	$	2.04	$	2.54	$	2.54
Diluted earnings per share:
Numerator
Net income available to common stockholders	$	989	$	28	$	1,824	$	60	$	3,619	$	104	$	4,629	$	185
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares	28		—		60		—		104		—		185		—
Allocation of net income available to common stockholders:	$	1,017	$	28	$	1,884	$	60	$	3,723	$	104	$	4,814	$	185
Denominator
Weighted-average common shares outstanding — basic	1,770		51		1,827		60		1,774		51		1,819		73
Conversion of nonvoting shares to voting shares	51		—		60		—		51		—		73		—
Common stock equivalent shares related to stock incentive plans	6		—		8		—		7		—		9		—
Weighted-average common shares outstanding — diluted (2)	1,827		51		1,895		60		1,832		51		1,901		73
Diluted earnings per share	$	.56	$	.56	$	.99	$	.99	$	2.03	$	2.03	$	2.53	$	2.53

(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units.

(2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 15 million and 18 million for the three and nine months ended September 30, 2023, respectively, and 13 million and 15 million for the three and nine months ended September 30, 2022, respectively.