Earnings per share

9 Months Ended

Sep. 30, 2015

For a discussion of the computation of basic and diluted earnings per share (“EPS”), see Note 24 of JPMorgan Chase’s 2014 Annual Report. The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2015 and 2014.



(in millions, except per share amounts)	Three months ended September 30,				Nine months ended September 30,
(in millions, except per share amounts)	2015		2014		2015		2014
Basic earnings per share
Net income	$	6,804	$	5,565	$	19,008	$	16,814
Less: Preferred stock dividends	393		304		1,097		799
Net income applicable to common equity	6,411		5,261		17,911		16,015
Less: Dividends and undistributed earnings allocated to participating securities	141		133		413		427
Net income applicable to common stockholders	$	6,270	$	5,128	$	17,498	$	15,588

Total weighted-average basic shares outstanding	3,694.4		3,755.4		3,709.2		3,774.4
Net income per share	$	1.70	$	1.37	$	4.72	$	4.13

Diluted earnings per share
Net income applicable to common stockholders	$	6,270	$	5,128	$	17,498	$	15,588
Total weighted-average basic shares outstanding	3,694.4		3,755.4		3,709.2		3,774.4
Add: Employee stock options, SARs and warrants^(a)	31.2		33.3		33.0		33.9
Total weighted-average diluted shares outstanding^(b)	3,725.6		3,788.7		3,742.2		3,808.3
Net income per share	$	1.68	$	1.35	$	4.68	$	4.09


(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 not material for the three and nine months ended September 30, 2015; and 1 million for each of the three and nine months ended September 30, 2014.


(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.