Earnings Per Common Share (EPS)

6 Months Ended

Jun. 30, 2021

The computations of basic and diluted EPS for the three and six months ended June 30 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(Millions, except per share amounts)	2021		2020		2021		2020
Numerator:
Basic and diluted:
Net income	$	2,280	$	257	$	4,515	$	624
Preferred dividends	(15)		(17)		(29)		(49)
Net income available to common shareholders	$	2,265	$	240	$	4,486	$	575
Earnings allocated to participating share awards (a)	(16)		(2)		(31)		(4)
Net income attributable to common shareholders	$	2,249	$	238	$	4,455	$	571
Denominator: (a)
Basic: Weighted-average common stock	801		804		802		806
Add: Weighted-average stock options (b)	1		1		1		1
Diluted	802		805		803		807

Basic EPS	$	2.81	$	0.29	$	5.55	$	0.71
Diluted EPS	$	2.80	$	0.29	$	5.54	$	0.71

(a)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.

(b)The dilutive effect of unexercised stock options excludes from the computation of EPS 0.01 million and 1.51 million of options for the three months ended June 30, 2021 and 2020, respectively, and 0.21 million and 0.59 million of options for the six months ended June 30, 2021 and 2020, respectively, because inclusion of the options would have been anti-dilutive.