Earnings Per Common Share (EPS) (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Computation of basic and diluted EPS

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

Table 14.1: Computation of Basic and Diluted Earnings per Share

	Three Months Ended June 30,				Six Months Ended June 30,
(Millions, except per share amounts)	2025		2024		2025		2024
Numerator:
Basic and diluted:
Net income	$	2,885	$	3,015	$	5,469	$	5,452
Preferred dividends	(15)		(15)		(29)		(29)
Net income available to common shareholders	$	2,870	$	3,000	$	5,440	$	5,423
Earnings allocated to participating share awards (a)	(18)		(23)		(36)		(41)
Net income attributable to common shareholders	$	2,852	$	2,977	$	5,404	$	5,382
Denominator:(a)
Basic: Weighted-average common stock	698		716		700		718
Add: Weighted-average stock options (b)	1		1		1		1
Diluted	699		717		701		719
Basic EPS	$	4.08	$	4.16	$	7.73	$	7.49
Diluted EPS	$	4.08	$	4.15	$	7.71	$	7.48

(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 0.2 million and 0.1 million of options for the three months ended June 30, 2025 and 2024, respectively, and 0.1 million of options for both the six months ended June 30, 2025 and 2024 because inclusion of the options would have been anti-dilutive.