Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 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 2022 Annual Report on Form 10-K.



	Three Months Ended March 31
(In millions, except per share information)	2023		2022
Earnings per common share
Net income	$	8,161	$	7,067
Preferred stock dividends	(505)		(467)
Net income applicable to common shareholders	$	7,656	$	6,600


Average common shares issued and outstanding	8,065.9		8,136.8
Earnings per common share	$	0.95	$	0.81

Diluted earnings per common share

Net income applicable to common shareholders	$	7,656	$	6,600
Add preferred stock dividends due to assumed conversions	56		—
Net income allocated to common shareholders	$	7,712	$	6,600
Average common shares issued and outstanding	8,065.9		8,136.8
Dilutive potential common shares (1)	116.4		65.3
Total diluted average common shares issued and outstanding	8,182.3		8,202.1
Diluted earnings per common share	$	0.94	$	0.80

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