Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Common ShareThe calculation of earnings per common share (EPS) and diluted EPS for the three and nine months ended September 30, 2020 and 2019 is presented on the following page. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K.



	Three Months Ended September 30				Nine Months Ended September 30
(In millions, except per share information)	2020		2019		2020		2019
Earnings per common share
Net income	$	4,881	$	5,777	$	12,424	$	20,436
Preferred stock dividends	(441)		(505)		(1,159)		(1,186)
Net income applicable to common shareholders	$	4,440	$	5,272	$	11,265	$	19,250


Average common shares issued and outstanding	8,732.9		9,303.6		8,762.6		9,516.2
Earnings per common share	$	0.51	$	0.57	$	1.29	$	2.02

Diluted earnings per common share

Net income applicable to common shareholders	$	4,440	$	5,272	$	11,265	$	19,250


Average common shares issued and outstanding	8,732.9		9,303.6		8,762.6		9,516.2
Dilutive potential common shares (1)	44.6		49.4		37.9		49.5
Total diluted average common shares issued and outstanding	8,777.5		9,353.0		8,800.5		9,565.7
Diluted earnings per common share	$	0.51	$	0.56	$	1.28	$	2.01

(1)Includes incremental dilutive shares from restricted stock units, restricted stock and warrants.

For both the three and nine months ended September 30, 2020 and 2019, 62 million average dilutive potential common shares associated with the Series L preferred stock were not included in the diluted share count because the result would have been antidilutive under the “if-converted” method.