Note 9—Earnings Per Share

The following table presents earnings per share for the three months ended March 31, 2014.⁽¹⁾



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
Class A common stock	$	1,266	501	$	2.53	$	1,598	634	⁽³⁾	$	2.52
Class B common stock	261		245	$	1.06	$	260	245		$	1.06
Class C common stock	66		26	$	2.53	$	65	26		$	2.52
Participating securities⁽⁴⁾	5		Not presented	Not presented		$	5	Not presented		Not presented
Net income	$	1,598

The following table presents earnings per share for the six months ended March 31, 2014.⁽¹⁾



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
Class A common stock	$	2,381	503	$	4.74	$	3,005	636	⁽³⁾	$	4.72
Class B common stock	489		245	$	1.99	$	488	245		$	1.99
Class C common stock	125		26	$	4.74	$	124	26		$	4.72
Participating securities⁽⁴⁾	10		Not presented	Not presented		$	10	Not presented		Not presented
Net income	$	3,005

The following table presents earnings per share for the three months ended March 31, 2013.⁽¹⁾



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
Class A common stock	$	1,011	524	$	1.93	$	1,270	660	⁽³⁾	$	1.92
Class B common stock	199		245	$	0.81	$	199	245		$	0.81
Class C common stock	55		28	$	1.93	$	55	28		$	1.92
Participating securities⁽⁴⁾	5		Not presented	Not presented		$	5	Not presented		Not presented
Net income	$	1,270

The following table presents earnings per share for the six months ended March 31, 2013.⁽¹⁾



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)		Income Allocation (A)⁽²⁾		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)
Class A common stock	$	2,041	528	$	3.87	$	2,563	665	⁽³⁾	$	3.86
Class B common stock	399		245	$	1.63	$	398	245		$	1.62
Class C common stock	113		29	$	3.87	$	112	29		$	3.86
Participating securities⁽⁴⁾	10		Not presented	Not presented		$	10	Not presented		Not presented
Net income	$	2,563


⁽¹⁾	Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on whole numbers, not the rounded numbers presented.


⁽²⁾	Net income is allocated based on proportional ownership on an as-converted basis. The weighted-average number of shares of as-converted class B common stock used in the income allocation was 103 million for the three and six months ended March 31, 2014 and 2013.

⁽³⁾

Weighted-average diluted shares outstanding are calculated on an as-converted basis, and include incremental common stock equivalents, as calculated under the treasury stock method. The computation includes approximately 2 million of common stock equivalents for the three and six months ended March 31, 2014 and 2013, because their effect would be dilutive. The calculation excludes less than 1 million of common stock equivalents for the three and six months ended March 31, 2014 and 2013, because their effect would have been anti-dilutive.


⁽⁴⁾	Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, such as the Company's restricted stock awards, restricted stock units and earned performance-based shares.