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Earnings per common share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings per common share
The computations of basic earnings per common share follow:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share, shares in thousands)2024202320242023
Income available to common shareholders:
Net income$721 $690 $1,907 $2,259 
Less: Preferred stock dividends(47)(25)(99)(75)
Net income available to common equity674 665 1,808 2,184 
Less: Income attributable to unvested stock-based compensation awards— (1)(3)(4)
Net income available to common shareholders$674 $664 $1,805 $2,180 
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards167,011 166,217167,010 166,787
Less: Unvested stock-based compensation awards(340)(308)(316)(299)
Weighted-average shares outstanding166,671165,909166,694166,488
Basic earnings per common share$4.04 $4.00 $10.83 $13.09 
The computations of diluted earnings per common share follow:
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in millions, except per share, shares in thousands)2024 202320242023
Net income available to common equity$674 $665 $1,808 $2,184 
Less: Income attributable to unvested stock-based compensation awards— (1)(3)(4)
Net income available to common shareholders$674 $664 $1,805 $2,180 
Adjusted weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards167,011 166,217167,010 166,787
Less: Unvested stock-based compensation awards(340)(308)(316)(299)
Plus: Incremental shares from assumed conversion of stock-based compensation awards896 661743 605
Adjusted weighted-average shares outstanding167,567166,570167,437167,093
Diluted earnings per common share$4.02 $3.98 $10.78 $13.05 
GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units which, in accordance with GAAP, are considered participating securities.
Stock-based compensation awards to purchase common stock of M&T representing 490,695 common shares and 1,008,825 common shares during the three-month and nine-month periods ended September 30, 2024, respectively, and 1,745,348 and 1,800,385 common shares during the three-month and nine-month periods ended September 30, 2023, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.