Earnings Per Share

3 Months Ended

Dec. 31, 2023

Note 10—Earnings Per Share

The following table presents earnings per share for the three months ended December 31, 2023:


	Basic Earnings Per Share					Diluted Earnings Per Share
	Income Allocation (A)(1)		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)(2)		Income Allocation (A)(1)		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)(2)
	(in millions, except per share data)
Class A common stock	$	3,792	1,584	$	2.39	$	4,890	2,045	(3)	$	2.39
Class B common stock	933		245	$	3.80	$	932	245		$	3.80
Class C common stock	91		9	$	9.58	$	91	9		$	9.57
Participating securities	74		Not presented	Not presented		$	74	Not presented		Not presented
Net income	$	4,890

The following table presents earnings per share for the three months ended December 31, 2022:


	Basic Earnings Per Share					Diluted Earnings Per Share
	Income Allocation (A)(1)		Weighted- Average Shares Outstanding (B)	Earnings per Share = (A)/(B)(2)		Income Allocation (A)(1)		Weighted- Average Shares Outstanding (B)		Earnings per Share = (A)/(B)(2)
	(in millions, except per share data)
Class A common stock	$	3,243	1,629	$	1.99	$	4,179	2,102	(3)	$	1.99
Class B common stock	784		245	$	3.19	$	784	245		$	3.19
Class C common stock	78		10	$	7.96	$	78	10		$	7.95
Participating securities	74		Not presented	Not presented		$	74	Not presented		Not presented
Net income	$	4,179

(1)The weighted-average number of shares of as-converted class B common stock used in the income allocation was 390 million and 394 million for the three months ended December 31, 2023 and 2022, respectively. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 38 million and 39 million for the three months ended December 31, 2023 and 2022, respectively. The weighted-average number of shares of preferred stock included within participating securities was 6 million and 13 million of as-converted series A preferred stock for the three months ended December 31, 2023 and 2022, respectively, 7 million of as-converted series B preferred stock for the three months ended December 31, 2023 and 2022 and 11 million of as-converted series C preferred stock for the three months ended December 31, 2023 and 2022.

(2)Figures in the table may not recalculate exactly due to rounding. Basic and diluted earnings per share are calculated based on unrounded numbers.

(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 common stock equivalents are not material for the three months ended December 31, 2023 and 2022.