Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

The following table presents the calculation of basic and diluted EPS for the three months ended March 31, 2015 and 2014.



(in millions, except per share amounts)	Three months ended March 31,
(in millions, except per share amounts)	2015		2014
Basic earnings per share
Net income	$	5,914	$	5,269
Less: Preferred stock dividends	324		227
Net income applicable to common equity	5,590		5,042
Less: Dividends and undistributed earnings allocated to participating securities	138		149
Net income applicable to common stockholders	$	5,452	$	4,893

Total weighted-average basic shares outstanding	3,725.3		3,787.2
Net income per share	$	1.46	$	1.29

Diluted earnings per share
Net income applicable to common stockholders	$	5,452	$	4,893
Total weighted-average basic shares outstanding	3,725.3		3,787.2
Add: Employee stock options, SARs and warrants^(a)	32.2		36.4
Total weighted-average diluted shares outstanding^(b)	3,757.5		3,823.6
Net income per share	$	1.45	$	1.28


(a)	Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans. The aggregate number of shares issuable upon the exercise of such options was 1 million for each of the three months ended March 31, 2015 and 2014, 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.