Earnings Per Common Share (EPS)

12 Months Ended

Dec. 31, 2018

NOTE 22

Earnings Per Common Share (EPS)

The computations of basic and diluted EPS for the years ended December 31 were as follows:

(Millions, except per share amounts)			2018			2017		2016
Numerator:
	Basic and diluted:
		Net income	$	6,921	$	2,748	$	5,375
		Preferred dividends		(80)		(81)		(80)
		Net income available to common shareholders		6,841		2,667		5,295
		Earnings allocated to participating share awards^(a)		(54)		(21)		(43)
		Net income attributable to common shareholders	$	6,787	$	2,646	$	5,252
Denominator:^(a)
	Basic: Weighted-average common stock			856		883		933
	Add: Weighted-average stock options^(b)			3		3		2
	Diluted			859		886		935
Basic EPS			$	7.93	$	3.00	$	5.63
Diluted EPS			$	7.91	$	2.99	$	5.61

Our unvested restricted stock awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.
The dilutive effect of unexercised stock options excludes from the computation of EPS 0.7 million, 0.6 million and 2.4 million of options for the years ended December 31, 2018, 2017 and 2016, respectively, because inclusion of the options would have been anti-dilutive.