Earnings per Share

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

Table 82: Basic and Diluted Earnings Per Common Share


In millions, except per share data	2020		2019		2018
Basic
Net income from continuing operations	$	3,003	$	4,591	$	4,558
Less:
Net income attributable to noncontrolling interests	41		49		45
Preferred stock dividends	229		236		236
Preferred stock discount accretion and redemptions	4		4		4
Net income from continuing operations attributable to common shareholders	2,729		4,302		4,273
Less: Dividends and undistributed earnings allocated to nonvested restricted shares	13		18		18
Net income from continuing operations attributable to basic common shareholders	$	2,716	$	4,284	$	4,255
Net income from discontinued operations attributable to common shareholders	$	4,555	$	827	$	788
Less: Undistributed earnings allocated to nonvested restricted shares	22		3		3
Net income from discontinued operations attributable to basic common shareholders	$	4,533	$	824	$	785
Basic weighted-average common shares outstanding	427		447		467
Basic earnings per common share from continuing operations (a)	$	6.37	$	9.59	$	9.11
Basic earnings per common share from discontinued operations (a)	$	10.62	$	1.84	$	1.68
Basic earnings per common share (b)	$	16.99	$	11.43	$	10.79
Diluted
Net income from continuing operations attributable to diluted common shareholders	$	2,716	$	4,284	$	4,255
Net income from discontinued operations attributable to basic common shareholders	$	4,533	$	824	$	785
Less: Impact of earnings per share dilution from discontinued operations	2		10		9
Net income from discontinued operations attributable to diluted common shareholders	$	4,531	$	814	$	776
Basic weighted-average common shares outstanding	427		447		467
Dilutive potential common shares			1		3
Diluted weighted-average common shares outstanding	427		448		470
Diluted earnings per common share from continuing operations (a)	$	6.36	$	9.57	$	9.06
Diluted earnings per common share from discontinued operations (a)	$	10.60	$	1.82	$	1.65
Diluted earnings per common share (b)	$	16.96	$	11.39	$	10.71

(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.