Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Earnings per share

For a discussion of the computation of basic and diluted earnings per share (“EPS”), see Note 24 on page 277 of JPMorgan Chase’s 2011 Annual Report. The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2012 and 2011.

(in millions, except per share amounts)	Three months ended March 31,
	2012		2011
Basic earnings per share
Net income	$	4,924	$	5,555
Less: Preferred stock dividends	157		157
Net income applicable to common equity	4,767		5,398
Less: Dividends and undistributed earnings allocated to participating securities	190		262
Net income applicable to common stockholders	$	4,577	$	5,136
Total weighted-average basic shares outstanding	3,818.8		3,981.6
Net income per share	$	1.20	$	1.29
	Three months ended March 31,
(in millions, except per share amounts)	2012		2011
Diluted earnings per share
Net income applicable to common stockholders	$	4,577	$	5,136
Total weighted-average basic shares outstanding	3,818.8		3,981.6
Add: Employee stock options, SARs and warrants(a)	14.6		32.5
Total weighted-average diluted shares outstanding(b)	3,833.4		4,014.1
Net income per share	$	1.19	$	1.28

(a) Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans and the warrants originally issued in 2008 under the U.S. Treasury’s Capital Purchase Program to purchase shares of the Firm’s common stock. The aggregate number of shares issuable upon the exercise of such options and warrants was 169 million and 85 million for the three months ended March 31, 2012 and 2011, respectively.

(b) Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method.