Earnings Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Note 4–Earnings Per Share (“EPS”)

Accounting policy. The Company computes basic earnings per share using the weighted-average number of unrestricted common and deferred shares outstanding. Diluted earnings per share also includes the dilutive effect of outstanding employee stock options and restricted stock using the treasury stock method and the effect of strategic performance shares.

Basic and diluted earnings per share were computed as follows:

		2018						2017						2016
(Shares in thousands, dollars in millions, except per share amounts)			Effect of						Effect of						Effect of
	Basic		Dilution		Diluted		Basic		Dilution		Diluted		Basic		Dilution		Diluted
Shareholders’ net income	$	2,637	$	-	$	2,637	$	2,237	$	-	$	2,237	$	1,867	$	-	$	1,867
Shares
Weighted average		246,652		-		246,652		250,892		-		250,892		255,360		-		255,360
Common stock equivalents				3,573		3,573				4,180		4,180				4,287		4,287
Total shares		246,652		3,573		250,225		250,892		4,180		255,072		255,360		4,287		259,647
EPS	$	10.69	$	(0.15)	$	10.54	$	8.92	$	(0.15)	$	8.77	$	7.31	$	(0.12)	$	7.19

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

(In millions)	2018	2017	2016
Anti-dilutive options	0.9	0.9	2.3