Earnings Per Common Share (EPS) (Tables)

9 Months Ended

Sep. 30, 2025

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:

Table 14.1: Computation of Basic and Diluted Earnings per Share

	Three Months Ended September 30,				Nine Months Ended September 30,
(Millions, except per share amounts)	2025		2024		2025		2024
Numerator:
Basic and diluted:
Net income	$	2,902	$	2,507	$	8,371	$	7,959
Preferred dividends	(14)		(15)		(43)		(44)
Net income available to common shareholders	$	2,888	$	2,492	$	8,328	$	7,915
Earnings allocated to participating share awards (a)	(20)		(18)		(56)		(59)
Net income attributable to common shareholders	$	2,868	$	2,474	$	8,272	$	7,856
Denominator:(a)
Basic: Weighted-average common stock	692		708		697		715
Add: Weighted-average stock options (b)	1		1		1		1
Diluted	693		709		698		716
Basic EPS	$	4.14	$	3.50	$	11.87	$	10.99
Diluted EPS	$	4.14	$	3.49	$	11.85	$	10.97

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