Earnings Per Share of Common Stock

9 Months Ended

Sep. 30, 2019

Earnings Per Share of Common Stock

Earnings Per Share of Common Stock

16. 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, 2019 and 2018.

	For the Three Months Ended
	September 30, 2019		September 30, 2018
Number of shares on which basic earnings per share is calculated:
Weighted-average shares outstanding during period		886,018,372		911,152,848
Add — Incremental shares under stock-based compensation plans		5,368,268		2,566,139
Add — Incremental shares associated with contingently issuable shares		1,453,105		1,493,644
Number of shares on which diluted earnings per share is calculated		892,839,745		915,212,631
Income from continuing operations (millions)	$	1,673	$	2,692
Income/(loss) from discontinued operations, net of tax (millions)		(1)		2
Net income on which basic earnings per share is calculated (millions)	$	1,672	$	2,694
Income from continuing operations (millions)	$	1,673	$	2,692
Net income applicable to contingently issuable shares (millions)		—		—
Income from continuing operations on which diluted earnings per share is calculated (millions)	$	1,673	$	2,692
Income/(loss) from discontinued operations, net of tax, on which basic and diluted earnings per share is calculated (millions)		(1)		2
Net income on which diluted earnings per share is calculated (millions)	$	1,672	$	2,694
Earnings/(loss) per share of common stock:
Assuming dilution
Continuing operations	$	1.87	$	2.94
Discontinued operations		0.00		0.00
Total	$	1.87	$	2.94
Basic
Continuing operations	$	1.89	$	2.95
Discontinued operations		0.00		0.00
Total	$	1.89	$	2.95

Stock options to purchase 761,659 shares and 388,335 shares were outstanding as of September 30, 2019 and 2018, 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, 2019		September 30, 2018
Number of shares on which basic earnings per share is calculated:
Weighted-average shares outstanding during period		887,291,199		915,632,501
Add — Incremental shares under stock-based compensation plans		4,007,433		3,000,429
Add — Incremental shares associated with contingently issuable shares		1,228,726		1,373,960
Number of shares on which diluted earnings per share is calculated		892,527,357		920,006,890
Income from continuing operations (millions)	$	5,766	$	6,770
Income/(loss) from discontinued operations, net of tax (millions)		(5)		7
Net income on which basic earnings per share is calculated (millions)	$	5,761	$	6,777
Income from continuing operations (millions)	$	5,766	$	6,770
Net income applicable to contingently issuable shares (millions)		0		(1)
Income from continuing operations on which diluted earnings per share is calculated (millions)	$	5,766	$	6,769
Income/(loss) from discontinued operations, net of tax, on which basic and diluted earnings per share is calculated (millions)		(5)		7
Net income on which diluted earnings per share is calculated (millions)	$	5,762	$	6,776
Earnings/(loss) per share of common stock:
Assuming dilution
Continuing operations	$	6.46	$	7.36
Discontinued operations		(0.01)		0.01
Total	$	6.45	$	7.37
Basic
Continuing operations	$	6.50	$	7.39
Discontinued operations		(0.01)		0.01
Total	$	6.49	$	7.40

Stock options to purchase 886,899 shares and 264,628 shares (average of first, second and third quarter share amounts) were outstanding as of September 30, 2019 and 2018, 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.