The following table presents earnings per share for the three months ended June 30, 2017.⁽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	$	1,591	1,840	$	0.87	$	2,059	2,385	⁽³⁾	$	0.86
Class B common stock	350		245	$	1.43	$	349	245		$	1.42
Class C common stock	47		14	$	3.46	$	47	14		$	3.45
Participating securities⁽⁴⁾	71		Not presented	Not presented		$	71	Not presented		Not presented
Net income	$	2,059

The following table presents earnings per share for the nine months ended June 30, 2017.⁽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	$	3,518	1,852	$	1.90	$	4,559	2,404	⁽³⁾	$	1.90
Class B common stock	769		245	$	3.13	$	767	245		$	3.13
Class C common stock	114		15	$	7.60	$	114	15		$	7.59
Participating securities⁽⁴⁾	158		Not presented	Not presented		$	158	Not presented		Not presented
Net income	$	4,559

The following table presents earnings per share for the three months ended June 30, 2016.⁽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	$	329	1,899	$	0.17	$	412	2,386	⁽³⁾	$	0.17
Class B common stock	70		245	$	0.29	$	70	245		$	0.28
Class C common stock	12		18	$	0.69	$	13	18		$	0.69
Participating securities^(4),(5)	1		Not presented	Not presented		$	1	Not presented		Not presented
Net income	$	412

The following table presents earnings per share for the nine months ended June 30, 2016.⁽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	$	3,238	1,915	$	1.69	$	4,060	2,406	⁽³⁾	$	1.69
Class B common stock	684		245	$	2.79	$	683	245		$	2.78
Class C common stock	129		19	$	6.76	$	128	19		$	6.75
Participating securities^(4),(5)	9		Not presented	Not presented		$	9	Not presented		Not presented
Net income	$	4,060


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

⁽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 405 million for the three and nine months ended June 30, 2017 and 2016. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 54 million and 60 million for the three and nine months ended June 30, 2017, respectively, and 73 million and 76 million for the three and nine months ended June 30, 2016, respectively. The weighted-average number of shares of preferred stock, included within participating securities, was 33 million and 34 million of as-converted U.K.&I preferred stock for the three and nine months ended June 30, 2017, respectively, and 44 million of as-converted Europe preferred stock for the three and nine months ended June 30, 2017.

⁽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 4 million and 5 million common stock equivalents for the three and nine months ended June 30, 2017, respectively, and 5 million common stock equivalents for the three and nine months ended June 30, 2016, because their effect would be dilutive. The computation excludes less than 1 million of common stock equivalents for the three months ended June 30, 2017 and 3 million of common stock equivalents for the nine months ended June 30, 2017, and 1 million and 2 million of common stock equivalents for the three and nine months ended June 30, 2016, respectively, because their effect would have been anti-dilutive.

⁽⁴⁾

Participating securities include preferred stock outstanding and unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, such as the Company's U.K.&I and Europe preferred stock, restricted stock awards, restricted stock units and earned performance-based shares. Participating securities' income is allocated based on the weighted-average number of shares of as-converted stock.

⁽⁵⁾

The Company did not include Visa Europe's financial results in the Company's unaudited consolidated statements of operations from the acquisition date, June 21, 2016, through June 30, 2016 as the impact was immaterial. The dilutive impact of the U.K.&I and Europe preferred stock from June 21, 2016 through June 30, 2016 was also not included in the calculation of basic or diluted earnings per share as the effect was immaterial.