Earnings per Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share Reconciliation [Abstract]

EARNINGS PER SHARE

Basic earnings per share was computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share reflected the effect of potentially dilutive securities and excludes the effect of any anti-dilutive shares.

Potentially dilutive securities include restricted stock units, deferred stock units, stock options and performance share awards related to the employee share-based incentive compensation programs. The restricted stock units and deferred stock units contain non-forfeitable rights to dividends and are included as participating securities in the calculation of basic and diluted earnings per share using the two-class method. Stock option and performance share awards are included in the calculation of diluted earnings per share using the treasury stock method.

The following is a reconciliation of the income and share data used in the basic and diluted earnings per share computations:


(for the year ended December 31, in millions, except per share amounts)	2021		2020		2019
Basic and Diluted
Net income, as reported	$	3,662	$	2,697	$	2,622
Participating securities — allocated income	(27)		(19)		(19)
Net income available to common shareholders — basic and diluted	$	3,635	$	2,678	$	2,603
Common Shares
Basic
Weighted average shares outstanding	248.5		253.5		260.0
Diluted
Weighted average shares outstanding	248.5		253.5		260.0
Weighted average effects of dilutive securities:
Stock options and performance shares	2.3		1.1		2.3
Total	250.8		254.6		262.3
Net income Per Common Share	0
Basic	$	14.63	$	10.56	$	10.01
Diluted	$	14.49	$	10.52	$	9.92