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Earnings per common share
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Earnings per common share

15. Earnings per common share

The computations of basic earnings per common share follow:

 

 

Year Ended December 31,

 

(Dollars in millions, except per share, shares in thousands)

 

2023

 

 

2022

 

 

2021

 

Income available to common shareholders:

 

 

 

 

 

 

 

 

 

Net income

 

$

2,741

 

 

$

1,992

 

 

$

1,859

 

Less: Preferred stock dividends

 

 

(100

)

 

 

(97

)

 

 

(73

)

Net income available to common equity

 

 

2,641

 

 

 

1,895

 

 

 

1,786

 

Less: Income attributable to unvested stock-based
   compensation awards

 

 

(5

)

 

 

(4

)

 

 

(9

)

Net income available to common shareholders

 

$

2,636

 

 

$

1,891

 

 

$

1,777

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Common shares outstanding (including common stock
   issuable) and unvested stock-based compensation awards

 

 

166,662

 

 

 

163,489

 

 

 

129,539

 

Less: Unvested stock-based compensation awards

 

 

(301

)

 

 

(315

)

 

 

(890

)

Weighted-average shares outstanding

 

 

166,361

 

 

 

163,174

 

 

 

128,649

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

15.85

 

 

$

11.59

 

 

$

13.81

 

The computations of diluted earnings per common share follow:

 

 

Year Ended December 31,

 

(Dollars in millions, except per share, shares in thousands)

 

2023

 

 

2022

 

 

2021

 

Net income available to common equity

 

$

2,641

 

 

$

1,895

 

 

$

1,786

 

Less: Income attributable to unvested stock-based
   compensation awards

 

 

(5

)

 

 

(4

)

 

 

(9

)

Net income available to common shareholders

 

$

2,636

 

 

$

1,891

 

 

$

1,777

 

Adjusted weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards

 

 

166,662

 

 

 

163,489

 

 

 

129,539

 

Less: Unvested stock-based compensation awards

 

 

(301

)

 

 

(315

)

 

 

(890

)

Plus: Incremental shares from assumed conversion of
   stock-based compensation awards and warrants to
   purchase common stock

 

 

641

 

 

 

856

 

 

 

163

 

Adjusted weighted-average shares outstanding

 

 

167,002

 

 

 

164,030

 

 

 

128,812

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

$

15.79

 

 

$

11.53

 

 

$

13.80

 

 

GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units, which, in accordance with GAAP, are considered participating securities.

Stock-based compensation awards to purchase common stock of M&T representing common shares of 1,834,000 in 2023, 453,000 in 2022 and 461,000 in 2021 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.