Earnings Per Common Share (EPS)

3 Months Ended

Mar. 31, 2019

15. Earnings Per Common Share (EPS)

The computations of basic and diluted EPS for the three months ended March 31 were as follows:

(Millions, except per share amounts)			2019			2018
Numerator:
	Basic and diluted:
		Net income	$	1,550	$	1,634
		Preferred dividends		(21)		(21)
		Net income available to common shareholders	$	1,529	$	1,613
		Earnings allocated to participating share awards^(a)		(11)		(13)
		Net income attributable to common shareholders	$	1,518	$	1,600
Denominator:^(a)
	Basic: Weighted-average common stock			841		859
	Add: Weighted-average stock options ^(b)			2		2
	Diluted			843		861

Basic EPS			$	1.81	$	1.86
Diluted EPS			$	1.80	$	1.86

Our unvested restricted stock awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.
The dilutive effect of unexercised stock options excludes from the computation of EPS 0.9 million and 0.6 million of options for the three months ended March 31, 2019 and 2018, respectively, because inclusion of the options would have been anti-dilutive.