Earnings Per Common Share (EPS)

12 Months Ended

Dec. 31, 2021

EARNINGS PER COMMON SHARE (EPS)

The computations of basic and diluted EPS for the years ended December 31 were as follows:


(Millions, except per share amounts)	2021		2020		2019
Numerator:
Basic and diluted:
Net income	$	8,060	$	3,135	$	6,759
Preferred dividends	(71)		(79)		(81)
Equity-related adjustments (a)	(16)		—		—
Net income available to common shareholders	7,973		3,056		6,678
Earnings allocated to participating share awards (b)	(56)		(20)		(47)
Net income attributable to common shareholders	$	7,917	$	3,036	$	6,631
Denominator: (b)
Basic: Weighted-average common stock	789		805		828
Add: Weighted-average stock options (c)	1		1		2
Diluted	790		806		830
Basic EPS	$	10.04	$	3.77	$	8.00
Diluted EPS	$	10.02	$	3.77	$	7.99

(a)Represents the difference between the redemption value and carrying value of the Series C and Series B preferred shares, which were redeemed on September 15, 2021 and November 15, 2021, respectively. The carrying value represents the original issuance proceeds, net of underwriting fees and offering costs for the preferred shares.

(b)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.

(c)The dilutive effect of unexercised stock options excludes from the computation of EPS 0.01 million, 0.53 million and 0.20 million of options for the years ended December 31, 2021, 2020 and 2019, respectively, because inclusion of the options would have been anti-dilutive.