Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Calculation of earnings per common share and diluted earnings per common share

The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2022 and 2021 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2021 Annual Report on Form 10-K.



	Three Months Ended March 31
(In millions, except per share information)	2022		2021
Earnings per common share
Net income	$	7,067	$	8,050
Preferred stock dividends	(467)		(490)
Net income applicable to common shareholders	$	6,600	$	7,560


Average common shares issued and outstanding	8,136.8		8,700.1
Earnings per common share	$	0.81	$	0.87

Diluted earnings per common share

Net income applicable to common shareholders	$	6,600	$	7,560


Average common shares issued and outstanding	8,136.8		8,700.1
Dilutive potential common shares (1)	65.3		55.5
Total diluted average common shares issued and outstanding	8,202.1		8,755.6
Diluted earnings per common share	$	0.80	$	0.86

(1)Includes incremental dilutive shares from preferred stock, RSUs, restricted stock and warrants.