Earnings Per Share of Common Stock

9 Months Ended

Sep. 30, 2017

Earnings Per Share of Common Stock:

Earnings Per Share of Common Stock:

14. Earnings Per Share of Common Stock: The following tables provide the computation of basic and diluted earnings per share of common stock for the three and nine months ended September 30, 2017 and 2016.

	For the Three Months Ended
	September 30, 2017		September 30, 2016
Number of shares on which basic earnings per share is calculated:
Weighted-average shares outstanding during period	929,437,441		953,995,828
Add — Incremental shares under stock-based compensation plans	2,236,234		2,357,365
Add — Incremental shares associated with contingently issuable shares	1,553,754		964,091
Number of shares on which diluted earnings per share is calculated	933,227,429		957,317,284
Income from continuing operations (millions)	$	2,726	$	2,854
Loss from discontinued operations, net of tax (millions)	0		(1		)
Net income on which basic earnings per share is calculated (millions)	$	2,726	$	2,853
Income from continuing operations (millions)	$	2,726	$	2,854
Net income applicable to contingently issuable shares (millions)	0		—
Income from continuing operations on which diluted earnings per share is calculated (millions)	$	2,726	$	2,854
Loss from discontinued operations, net of tax, on which basic and diluted earnings per share is calculated (millions)	0		(1		)
Net income on which diluted earnings per share is calculated (millions)	$	2,726	$	2,853
Earnings/(loss) per share of common stock:
Assuming dilution
Continuing operations	$	2.92	$	2.98
Discontinued operations	0.00		0.00
Total	$	2.92	$	2.98
Basic
Continuing operations	$	2.93	$	2.99
Discontinued operations	0.00		0.00
Total	$	2.93	$	2.99

Stock options to purchase 399,844 shares and 29,033 shares were outstanding as of September 30, 2017 and 2016, respectively, but were not included in the computation of diluted earnings per share because the options’ exercise price during the respective period was greater than the average market price of the common shares, and, therefore, the effect would have been antidilutive.

	For the Nine Months Ended
	September 30, 2017			September 30, 2016
Number of shares on which basic earnings per share is calculated:
Weighted-average shares outstanding during period	935,600,777			957,693,385
Add — Incremental shares under stock compensation plans	3,213,758			2,258,854
Add — Incremental shares associated with contingently issuable shares	1,394,930			771,943
Number of shares on which diluted earnings per share is calculated	940,209,466			960,724,182
Income from continuing operations (millions)	$	6,811		$	7,375
Loss from discontinued operations, net of tax (millions)	(3		)	(4		)
Net income on which basic earnings per share is calculated (millions)	$	6,807		$	7,371
Income from continuing operations (millions)	$	6,811		$	7,375
Net income applicable to contingently issuable shares (millions)	(2		)	—
Income from continuing operations on which diluted earnings per share is calculated (millions)	$	6,809		$	7,375
Loss from discontinued operations, net of tax, on which basic and diluted earnings per share is calculated (millions)	(3		)	(4		)
Net income on which diluted earnings per share is calculated (millions)	$	6,806		$	7,371
Earnings/(loss) per share of common stock:
Assuming dilution
Continuing operations	$	7.24		$	7.67
Discontinued operations	0.00			0.00
Total	$	7.24		$	7.67
Basic
Continuing operations	$	7.28		$	7.70
Discontinued operations	0.00			0.00
Total	$	7.28		$	7.70

Stock options to purchase 146,795 shares and 533,089 shares (average of first, second and third quarter share amounts) were outstanding as of September 30, 2017 and 2016, respectively, but were not included in the computation of diluted earnings per share because the options’ exercise price during the respective periods was greater than the average market price of the common shares, and, therefore, the effect would have been antidilutive.