Earnings Per Share

9 Months Ended

Sep. 30, 2024

EARNINGS PER SHARE

Table 65: Basic and Diluted Earnings Per Common Share


	Three months ended September 30				Nine months ended September 30
In millions, except per share data	2024		2023		2024		2023
Basic
Net income	$	1,505	$	1,570	$	4,326	$	4,764
Less:
Net income attributable to noncontrolling interests	15		16		47		50
Preferred stock dividends	82		104		258		299
Preferred stock discount accretion and redemptions	2		2		6		6
Net income attributable to common shareholders	1,406		1,448		4,015		4,409
Less: Dividends and undistributed earnings allocated to nonvested restricted shares	10		8		24		23
Net income attributable to basic common shareholders	$	1,396	$	1,440	$	3,991	$	4,386



Basic weighted-average common shares outstanding	399		400		400		401
Basic earnings per common share (a)	$	3.50	$	3.60	$	9.99	$	10.95


Diluted
Net income attributable to diluted common shareholders	$	1,396	$	1,440	$	3,991	$	4,386



Basic weighted-average common shares outstanding	399		400		400		401
Dilutive potential common shares	1
Diluted weighted-average common shares outstanding	400		400		400		401
Diluted earnings per common share (a)	$	3.49	$	3.60	$	9.98	$	10.94

(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).