Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 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 September 30				Nine Months Ended September 30
(In millions, except per share information)	2023		2022		2023		2022
Earnings per common share
Net income	$	7,802	$	7,082	$	23,371	$	20,396
Preferred stock dividends	(532)		(503)		(1,343)		(1,285)
Net income applicable to common shareholders	$	7,270	$	6,579	$	22,028	$	19,111


Average common shares issued and outstanding	8,017.1		8,107.7		8,041.3		8,122.2
Earnings per common share	$	0.91	$	0.81	$	2.74	$	2.35

Diluted earnings per common share

Net income applicable to common shareholders	$	7,270	$	6,579	$	22,028	$	19,111
Add preferred stock dividends due to assumed conversions	—		—		167		—
Net income allocated to common shareholders	$	7,270	$	6,579	$	22,195	$	19,111
Average common shares issued and outstanding	8,017.1		8,107.7		8,041.3		8,122.2
Dilutive potential common shares (1)	58.8		53.1		112.1		51.1
Total diluted average common shares issued and outstanding	8,075.9		8,160.8		8,153.4		8,173.3
Diluted earnings per common share	$	0.90	$	0.81	$	2.72	$	2.34

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