Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2021

Basic and Diluted Earnings per Common Share

Table 70: Basic and Diluted Earnings Per Common Share


	Three months ended June 30				Six months ended June 30
In millions, except per share data	2021		2020		2021		2020
Basic
Net income (loss) from continuing operations	$	1,103	$	(744)	$	2,929	$	15
Less:
Net income attributable to noncontrolling interests	12		7		22		14
Preferred stock dividends	48		55		105		118
Preferred stock discount accretion and redemptions	1		1		2		2
Net income (loss) from continuing operations attributable to common shareholders	1,042		(807)		2,800		(119)
Less: Dividends and undistributed earnings allocated to nonvested restricted shares	5		1		13		4
Net income (loss) from continuing operations attributable to basic common shareholders	$	1,037	$	(808)	$	2,787	$	(123)
Net income from discontinued operations attributable to common shareholders			$	4,399			$	4,555
Less: Undistributed earnings allocated to nonvested restricted shares			21				22
Net income from discontinued operations attributable to basic common shareholders			$	4,378			$	4,533
Basic weighted-average common shares outstanding	427		426		426		428
Basic earnings (loss) per common share from continuing operations (a)	$	2.43	$	(1.90)	$	6.54	$	(0.29)
Basic earnings per common share from discontinued operations (a)			$	10.28			$	10.60
Basic earnings per common share (b)	$	2.43	$	8.40	$	6.54	$	10.33
Diluted
Net income (loss) from continuing operations attributable to diluted common shareholders	$	1,037	$	(808)	$	2,787	$	(123)
Net income from discontinued operations attributable to basic common shareholders			$	4,378			$	4,533
Less: Impact of earnings per share dilution from discontinued operations			1				2
Net income from discontinued operations attributable to diluted common shareholders			$	4,377			$	4,531
Basic weighted-average common shares outstanding	427		426		426		428
Dilutive potential common shares (c)					1
Diluted weighted-average common shares outstanding	427		426		427		428
Diluted earnings (loss) per common share from continuing operations (a)	$	2.43	$	(1.90)	$	6.53	$	(0.29)
Diluted earnings per common share from discontinued operations (a)			$	10.28			$	10.59
Diluted earnings per common share (b)	$	2.43	$	8.40	$	6.53	$	10.32

(a)Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities).

(b)For additional information on our policy for not allocating losses to participating securities, see the Earnings Per Common Share section of Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K.

(c)For periods in which there is a loss from continuing operations, any potential dilutive shares will be anti-dilutive. No potential dilutive shares will be included in the continuing operations, discontinued operations or total earnings per common share calculations, even if overall net income is reported.