Earnings Per Common Share (EPS)

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Numerator:
Basic and diluted:
Net income	$	3,015	$	2,174	$	5,452	$	3,990
Preferred dividends	(15)		(15)		(29)		(29)

Net income available to common shareholders	$	3,000	$	2,159	$	5,423	$	3,961
Earnings allocated to participating share awards (a)	(23)		(17)		(41)		(31)
Net income attributable to common shareholders	$	2,977	$	2,142	$	5,382	$	3,930
Denominator:(a)
Basic: Weighted-average common stock	716		740		718		741
Add: Weighted-average stock options (b)	1		1		1		1
Diluted	717		741		719		742

Basic EPS	$	4.16	$	2.89	$	7.49	$	5.30
Diluted EPS	$	4.15	$	2.89	$	7.48	$	5.29

(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 0.1 million and 1.4 million of options for the three months ended June 30, 2024 and 2023, respectively, and 0.1 million and 1.4 million of options for the six months ended June 30, 2024 and 2023, respectively, because inclusion of the options would have been anti-dilutive.