EARNINGS PER SHARE

9 Months Ended

Jun. 30, 2022

All share and earnings per share information has been retroactively adjusted to reflect the September 21, 2021 three-for-two stock split described in Note 19.

The following table presents the computation of basic and diluted earnings per common share.


	Three months ended June 30,				Nine months ended June 30,
in millions, except per share amounts	2022		2021		2022		2021
Income for basic earnings per common share:
Net income available to common shareholders	$	299	$	307	$	1,068	$	974
Less allocation of earnings and dividends to participating securities	(1)		—		(2)		(1)
Net income available to common shareholders after participating securities	$	298	$	307	$	1,066	$	973
Income for diluted earnings per common share:
Net income available to common shareholders	$	299	$	307	$	1,068	$	974
Less allocation of earnings and dividends to participating securities	(1)		—		(2)		(1)
Net income available to common shareholders after participating securities	$	298	$	307	$	1,066	$	973
Common shares:
Average common shares in basic computation	210.7		205.8		208.1		205.8
Dilutive effect of outstanding stock options and certain RSUs	5.0		5.9		5.4		5.1
Average common and common equivalent shares used in diluted computation	215.7		211.7		213.5		210.9
Earnings per common share:
Basic	$	1.41	$	1.49	$	5.12	$	4.73
Diluted	$	1.38	$	1.45	$	4.99	$	4.61
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	0.5		—		0.4		0.2

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of certain RSUs, as well as the restricted stock awards granted as part of our acquisition of TriState Capital, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three and nine months ended June 30, 2022 and 2021. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.