Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

The following table presents the calculation of basic and diluted EPS for the three and six months ended June 30, 2021 and 2020.


(in millions, except per share amounts)	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
Basic earnings per share
Net income	$	11,948	$	4,687	$	26,248	$	7,552
Less: Preferred stock dividends	393		401		772		822
Net income applicable to common equity	11,555		4,286		25,476		6,730
Less: Dividends and undistributed earnings allocated to participating securities	59		21		130		32
Net income applicable to common stockholders	$	11,496	$	4,265	$	25,346	$	6,698

Total weighted-average basic shares outstanding	3,036.6		3,076.3		3,054.9		3,086.1
Net income per share	$	3.79	$	1.39	$	8.30	$	2.17

Diluted earnings per share
Net income applicable to common stockholders	$	11,496	$	4,265	$	25,346	$	6,698
Total weighted-average basic shares outstanding	3,036.6		3,076.3		3,054.9		3,086.1
Add: Dilutive impact of SARs and employee stock options, unvested PSUs and nondividend-earning RSUs	5.3		4.7		5.4		4.7
Total weighted-average diluted shares outstanding	3,041.9		3,081.0		3,060.3		3,090.8
Net income per share	$	3.78	$	1.38	$	8.28	$	2.17