Earnings Per Common Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2022

The computations of basic and diluted EPS for the three and six months ended June 30 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Millions, except per share amounts)	2022		2021		2022		2021
Numerator:
Basic and diluted:
Net income	$	1,964	$	2,280	$	4,063	$	4,515
Preferred dividends	(15)		(15)		(29)		(29)
Net income available to common shareholders	$	1,949	$	2,265	$	4,034	$	4,486
Earnings allocated to participating share awards (a)	(15)		(16)		(31)		(31)
Net income attributable to common shareholders	$	1,934	$	2,249	$	4,003	$	4,455
Denominator:(a)
Basic: Weighted-average common stock	752		801		755		802
Add: Weighted-average stock options (b)	1		1		1		1
Diluted	753		802		756		803

Basic EPS	$	2.57	$	2.81	$	5.30	$	5.55
Diluted EPS	$	2.57	$	2.80	$	5.30	$	5.54

(a)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.

(b)The dilutive effect of unexercised stock options excludes from the computation of EPS 0.25 million and 0.01 million of options for the three months ended June 30, 2022 and 2021, respectively, and 0.21 million of options for both the six months ended June 30, 2022 and 2021 because inclusion of the options would have been anti-dilutive.