Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

Basic and Diluted Earnings per Common Share

Table 85: Basic and Diluted Earnings Per Common Share


In millions, except per share data	2022		2021		2020
Basic
Net income from continuing operations	$	6,113	$	5,725	$	3,003
Less:
Net income attributable to noncontrolling interests	72		51		41
Preferred stock dividends	301		233		229
Preferred stock discount accretion and redemptions	5		5		4
Net income from continuing operations attributable to common shareholders	5,735		5,436		2,729
Less: Dividends and undistributed earnings allocated to nonvested restricted shares	27		27		13
Net income from continuing operations attributable to basic common shareholders	$	5,708	$	5,409	$	2,716
Net income from discontinued operations attributable to common shareholders					$	4,555
Less: Undistributed earnings allocated to nonvested restricted shares					22
Net income from discontinued operations attributable to basic common shareholders					$	4,533
Basic weighted-average common shares outstanding	412		426		427
Basic earnings per common share from continuing operations (a)	$	13.86	$	12.71	$	6.37
Basic earnings per common share from discontinued operations (a)					$	10.62
Basic earnings per common share	$	13.86	$	12.71	$	16.99
Diluted
Net income from continuing operations attributable to diluted common shareholders	$	5,708	$	5,409	$	2,716
Net income from discontinued operations attributable to basic common shareholders					$	4,533
Less: Impact of earnings per share dilution from discontinued operations					2
Net income from discontinued operations attributable to diluted common shareholders					$	4,531
Basic weighted-average common shares outstanding	412		426		427

Diluted weighted-average common shares outstanding	412		426		427
Diluted earnings per common share from continuing operations (a)	$	13.85	$	12.70	$	6.36
Diluted earnings per common share from discontinued operations (a)					$	10.60
Diluted earnings per common share	$	13.85	$	12.70	$	16.96

(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).