Earnings per Share

9 Months Ended

Sep. 30, 2019

Earnings per share

Refer to Note 22 of JPMorgan Chase’s 2018 Form 10-K for a discussion of the computation of basic and diluted earnings per share (“EPS”). The following table presents the calculation of basic and diluted EPS for the three and nine months ended September 30, 2019 and 2018.



(in millions, except per share amounts)	Three months ended September 30,				Nine months ended September 30,
(in millions, except per share amounts)	2019		2018		2019		2018
Basic earnings per share
Net income	$	9,080	$	8,380	$	27,911	$	25,408
Less: Preferred stock dividends	423		379		1,201		1,167
Net income applicable to common equity	8,657		8,001		26,710		24,241
Less: Dividends and undistributed earnings allocated to participating securities	51		53		159		174
Net income applicable to common stockholders	$	8,606	$	7,948	$	26,551	$	24,067

Total weighted-average basic shares outstanding	3,198.5		3,376.1		3,248.7		3,416.5
Net income per share	$	2.69	$	2.35	$	8.17	$	7.04

Diluted earnings per share
Net income applicable to common stockholders	$	8,606	$	7,948	$	26,551	$	24,067
Total weighted-average basic shares outstanding	3,198.5		3,376.1		3,248.7		3,416.5
Add: Employee stock options, SARs, warrants and unvested PSUs	8.7		18.2		9.3		19.7
Total weighted-average diluted shares outstanding	3,207.2		3,394.3		3,258.0		3,436.2
Net income per share	$	2.68	$	2.34	$	8.15	$	7.00