Earnings Per Common Share (EPS)

12 Months Ended

Dec. 31, 2015

Disclosure Text Block Abstract

Earnings Per Common Share (EPS)

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)			2015			2014		2013
Numerator:
	Basic and diluted:
		Net income	$	5,163	$	5,885	$	5,359
		Preferred dividends		(62)		―		―
		Net income available to common shareholders		5,101		5,885		5,359
		Earnings allocated to participating share awards(a)		(38)		(46)		(47)
		Net income attributable to common shareholders	$	5,063	$	5,839	$	5,312
Denominator:(a)
	Basic: Weighted-average common stock			999		1,045		1,082
	Add: Weighted-average stock options(b)			4		6		7
	Diluted			1,003		1,051		1,089
Basic EPS			$	5.07	$	5.58	$	4.91
Diluted EPS			$	5.05	$	5.56	$	4.88

• The Company’s 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 EPS0.5 million, 0.2 million and 0.1 million of options for the years ended December 31, 2015, 2014 and 2013, respectively, because inclusion of the options would have been anti-dilutive.

For the years ended December 31, 2015, 2014 and 2013, the Company met specified performance measures related to the $750 million of Subordinated Debentures issuedin 2006, and maturing in 2036. If the performance measures were not achieved in any given quarter, the Company would be required to issue common shares and apply the proceeds to make interest payments.