Earnings Per Share

9 Months Ended

Sep. 30, 2020

The following tables provide the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share:


	2020					2019
For the three months ended September 30, (in millions, except per share data)	Income		Average Shares	Per Share Amount		Income		Average Shares	Per Share Amount
Earnings Per Share:
Net income available to common shareholders	$	562				$	530
Less: Income allocated to participating securities	2					4
Net income allocated to common shareholders	$	560	715	$	0.78	$	526	727	$	0.72
Earnings Per Diluted Share:
Net income available to common shareholders	$	562				$	530
Effect of dilutive securities:
Stock-based awards	—		4			—		9
Net income available to common shareholders plus assumed conversions	562					530
Less: Income allocated to participating securities	2					4
Net income allocated to common shareholders plus assumed conversions	$	560	719	$	0.78	$	526	736	$	0.71


	2020					2019
For the nine months ended September 30, (in millions, except per share data)	Income		Average Shares	Per Share Amount		Income		Average Shares	Per Share Amount
Earnings Per Share:
Net income available to common shareholders	$	754				$	1,718
Less: Income allocated to participating securities	3					16
Net income allocated to common shareholders	$	751	714	$	1.05	$	1,702	709	$	2.40
Earnings Per Diluted Share:
Net income available to common shareholders	$	754				$	1,718
Effect of dilutive securities:
Stock-based awards	—		5			—		9
Net income available to common shareholders plus assumed conversions	754					1,718
Less: Income allocated to participating securities	3					16
Net income allocated to common shareholders plus assumed conversions	$	751	719	$	1.04	$	1,702	718	$	2.37

Shares are excluded from the computation of earnings per diluted share when their inclusion has an anti-dilutive effect on earnings per share. The diluted earnings per share computation for both the three and nine months ended September 30, 2020 excludes 9 million shares of stock-based awards because their inclusion would have been anti-dilutive. The diluted earnings per share computation for both the three and nine months ended September 30, 2019 excludes 2 million shares of stock-based awards because their inclusion would have been anti-dilutive.