Earnings per Share

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

Table 68: Basic and Diluted Earnings Per Common Share



	Three months ended September 30				Nine months ended September 30
In millions, except per share data	2020		2019		2020		2019
Basic
Net income from continuing operations	$	1,532	$	1,181	$	1,547	$	3,448
Less:
Net income attributable to noncontrolling interests	13		13		27		35
Preferred stock dividends	63		63		181		181
Preferred stock discount accretion and redemptions	1		1		3		3
Net income from continuing operations attributable to common shareholders	1,455		1,104		1,336		3,229
Less: Dividends and undistributed earnings allocated to nonvested restricted shares	8		5		7		13
Net income from continuing operations attributable to basic common shareholders	$	1,447	$	1,099	$	1,329	$	3,216
Net income from discontinued operations attributable to common shareholders			$	211	$	4,555	$	589
Less: Undistributed earnings allocated to nonvested restricted shares			1		22		2
Net income from discontinued operations attributable to basic common shareholders			$	210	$	4,533	$	587
Basic weighted-average common shares outstanding	426		444		427		450
Basic earnings per common share from continuing operations (a)	$	3.40	$	2.47	$	3.11	$	7.15
Basic earnings per common share from discontinued operations (a)			$	.48	$	10.61	$	1.30
Basic earnings per common share (b)	$	3.40	$	2.95	$	13.73	$	8.45
Diluted
Net income from continuing operations attributable to diluted common shareholders	$	1,447	$	1,099	$	1,329	$	3,216
Net income from discontinued operations attributable to basic common shareholders			$	210	$	4,533	$	587
Less: Impact of earnings per share dilution from discontinued operations			2		2		7
Net income from discontinued operations attributable to diluted common shareholders			$	208	$	4,531	$	580
Basic weighted-average common shares outstanding	426		444		427		450
Dilutive potential common shares			1		1		1
Diluted weighted-average common shares outstanding	426		445		428		451
Diluted earnings per common share from continuing operations (a)	$	3.39	$	2.47	$	3.11	$	7.13
Diluted earnings per common share from discontinued operations (a)			$	.47	$	10.59	$	1.29
Diluted earnings per common share (b)	$	3.39	$	2.94	$	13.70	$	8.42


(a)	Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities).

(b)

See Note 1 Accounting Policies in the Notes to Consolidated Financial Statements of this Report for additional information on our policy for not allocating losses to participating securities.