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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Common Share
NOTE 11—EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share.
Table 11.1: Computation of Basic and Diluted Earnings per Common Share
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars and shares in millions, except per share data)
 
2019
 
2018
 
2019
 
2018
Income from continuing operations, net of tax
 
$
1,329

 
$
1,501

 
$
4,355

 
$
4,761

Income (loss) from discontinued operations, net of tax
 
4

 
1

 
15

 
(7
)
Net income
 
1,333

 
1,502

 
4,370

 
4,754

Dividends and undistributed earnings allocated to participating securities
 
(10
)
 
(9
)
 
(34
)
 
(32
)
Preferred stock dividends
 
(53
)
 
(53
)
 
(185
)
 
(185
)
Net income available to common stockholders
 
$
1,270

 
$
1,440

 
$
4,151

 
$
4,537

 
 
 
 
 
 
 
 
 
Total weighted-average basic shares outstanding
 
469.5

 
477.8

 
469.9

 
483.2

Effect of dilutive securities:
 
 
 
 
 
 
 
 
Stock options
 
1.3

 
1.5

 
1.2

 
1.8

Other contingently issuable shares
 
1.0

 
1.1

 
1.0

 
1.1

Warrants(1)
 
0.0

 
0.5

 
0.0

 
0.6

Total effect of dilutive securities
 
2.3

 
3.1

 
2.2

 
3.5

Total weighted-average diluted shares outstanding
 
471.8

 
480.9

 
472.1

 
486.7

Basic earnings per common share:
 
 
 
 
 
 
 
 
Net income from continuing operations
 
$
2.70

 
$
3.01

 
$
8.80

 
$
9.40

Income (loss) from discontinued operations
 
0.01

 
0.00

 
0.03

 
(0.01
)
Net income per basic common share
 
$
2.71

 
$
3.01

 
$
8.83

 
$
9.39

Diluted earnings per common share:(2)
 
 
 
 
 
 
 
 
Net income from continuing operations
 
$
2.68

 
$
2.99

 
$
8.76

 
$
9.33

Income (loss) from discontinued operations
 
0.01

 
0.00

 
0.03

 
(0.01
)
Net income per diluted common share
 
$
2.69

 
$
2.99

 
$
8.79

 
$
9.32

__________
(1) 
Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program which had all been exercised or expired on November 14, 2018.
(2) 
Excluded from the computation of diluted earnings per share were 92 thousand shares related to options with an exercise price of $86.34 for the nine months ended September 30, 2019, and 44 thousand shares related to awards for the nine months ended September 30, 2018, because their inclusion would be anti-dilutive.