Earnings per Share

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

Table 77: Basic and Diluted Earnings Per Common Share


In millions, except per share data	2023		2022		2021
Basic
Net income	$	5,647	$	6,113	$	5,725
Less:
Net income attributable to noncontrolling interests	69		72		51
Preferred stock dividends	417		301		233
Preferred stock discount accretion and redemptions	8		5		5
Net income attributable to common shareholders	5,153		5,735		5,436
Less: Dividends and undistributed earnings allocated to nonvested restricted shares	27		27		27
Net income attributable to basic common shareholders	$	5,126	$	5,708	$	5,409



Basic weighted-average common shares outstanding	401		412		426
Basic earnings per common share (a)	$	12.80	$	13.86	$	12.71

Diluted
Net income attributable to diluted common shareholders	$	5,126	$	5,708	$	5,409



Basic weighted-average common shares outstanding	401		412		426


Diluted weighted-average common shares outstanding	401		412		426
Diluted earnings per common share (a)	$	12.79	$	13.85	$	12.70

(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).