Earnings Per Share

9 Months Ended

Sep. 30, 2022

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


	2022					2021
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	$	631				$	684
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders	$	631	689	$	0.91	$	683	697	$	0.98
Earnings Per Diluted Share:
Net income available to common shareholders	$	631				$	684
Effect of dilutive securities:
Stock-based awards	—		6			—		9
Net income available to common shareholders plus assumed conversions	$	631				$	684
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders plus assumed conversions	$	631	695	$	0.91	$	683	706	$	0.97


	2022					2021
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	$	1,631				$	2,032
Less: Income allocated to participating securities	1					5
Net income allocated to common shareholders	$	1,630	689	$	2.37	$	2,027	707	$	2.87
Earnings Per Diluted Share:
Net income available to common shareholders	$	1,631				$	2,032
Effect of dilutive securities:
Stock-based awards	—		6			—		9
Net income available to common shareholders plus assumed conversions	$	1,631				$	2,032
Less: Income allocated to participating securities	1					5
Net income allocated to common shareholders plus assumed conversions	$	1,630	695	$	2.34	$	2,027	716	$	2.83

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, 2022 excludes 3 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, 2021 excludes an immaterial amount of stock-based awards because their inclusion would have been anti-dilutive.