Earnings Per Common Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Computation of basic and diluted EPS

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

	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions, except per share amounts)	2024		2023		2024		2023
Numerator:
Basic and diluted:
Net income	$	2,507	$	2,451	$	7,959	$	6,441
Preferred dividends	(15)		(14)		(44)		(43)
Net income available to common shareholders	$	2,492	$	2,437	$	7,915	$	6,398
Earnings allocated to participating share awards (a)	(18)		(19)		(59)		(50)
Net income attributable to common shareholders	$	2,474	$	2,418	$	7,856	$	6,348
Denominator:(a)
Basic: Weighted-average common stock	708		732		715		738
Add: Weighted-average stock options (b)	1		1		1		1
Diluted	709		733		716		739
Basic EPS	$	3.50	$	3.30	$	10.99	$	8.60
Diluted EPS	$	3.49	$	3.30	$	10.97	$	8.59

(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 of options for both the three and nine months ended September 30, 2024 and 1.4 million of options for both the three and nine months ended September 30, 2023, because inclusion of the options would have been anti-dilutive.