Earnings per common share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings per common share

Earnings per common share

The computations of basic earnings per common share follow:

	Year Ended December 31,
(Dollars in millions, except per share, shares in thousands)	2024		2023		2022
Income available to common shareholders:
Net income	$	2,588	$	2,741	$	1,992
Less: Preferred stock dividends	(134)		(100)		(97)
Net income available to common equity	2,454		2,641		1,895
Less: Income attributable to unvested stock-based compensation awards	(5)		(5)		(4)
Net income available to common shareholders	$	2,449	$	2,636	$	1,891
Weighted-average shares outstanding:
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards	166,806		166,662		163,489
Less: Unvested stock-based compensation awards	(327)		(301)		(315)
Weighted-average shares outstanding	166,479		166,361		163,174
Basic earnings per common share	$	14.71	$	15.85	$	11.59

The computations of diluted earnings per common share follow:

	Year Ended December 31,
(Dollars in millions, except per share, shares in thousands)	2024		2023		2022
Net income available to common equity	$	2,454	$	2,641	$	1,895
Less: Income attributable to unvested stock-based compensation awards	(5)		(5)		(4)
Net income available to common shareholders	$	2,449	$	2,636	$	1,891
Adjusted weighted-average shares outstanding:
Common shares outstanding (including common stock    issuable) and unvested stock-based compensation awards	166,806		166,662		163,489
Less: Unvested stock-based compensation awards	(327)		(301)		(315)
Plus: Incremental shares from assumed conversion of stock-based compensation awards	840		641		856
Adjusted weighted-average shares outstanding	167,319		167,002		164,030
Diluted earnings per common share	$	14.64	$	15.79	$	11.53

Stock-based compensation awards to purchase common stock of M&T representing common shares of 755,000 in 2024, 1,834,000 in 2023 and 453,000 in 2022 were not included in the computations of diluted earnings per common share because the effect on those years would have been antidilutive.