Earnings and Dividends Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Table 19.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

Table 19.1: Earnings Per Common Share Calculations


		Quarter ended June 30,			Six months ended June 30,
(in millions, except per share amounts)		2023		2022	2023		2022
Wells Fargo net income (1)		$	4,938	3,142	$	9,929	6,930
Less: Preferred stock dividends and other		279		279	557		558
Wells Fargo net income applicable to common stock (numerator) (1)		$	4,659	2,863	$	9,372	6,372
Earnings per common share
Average common shares outstanding (denominator)		3,699.9		3,793.8	3,742.6		3,812.3
Per share		$	1.26	0.75	$	2.50	1.67
Diluted earnings per common share
Average common shares outstanding		3,699.9		3,793.8	3,742.6		3,812.3

Add:	Restricted share rights (2)	25.0		25.8	29.8		32.7
Diluted average common shares outstanding (denominator)		3,724.9		3,819.6	3,772.4		3,845.0
Per share		$	1.25	0.75	$	2.48	1.66

(1)In first quarter 2023, we adopted ASU 2018-12 – Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. For additional information, see Note 1 (Summary of Significant Accounting Policies).

(2)Calculated using the treasury stock method.

Outstanding Anti-Dilutive Securities

Table 19.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share.

Table 19.2: Outstanding Anti-Dilutive Securities


			Weighted-average shares
	Quarter ended June 30,		Six months ended June 30,
(in millions)	2023	2022	2023	2022
Convertible Preferred Stock, Series L (1)	25.3	25.3	25.3	25.3
Restricted share rights (2)	0.2	0.2	0.4	0.2

(1) Calculated using the if-converted method.

(2) Calculated using the treasury stock method.

Dividends Declared per Common Share

Table 19.3 presents dividends declared per common share.

Table 19.3: Dividends Declared Per Common Share


	Quarter ended June 30,			Six months ended June 30,
	2023		2022	2023		2022
Per common share	$	0.30	0.25	$	0.60	0.50