Earnings and Dividends Per Common Share

6 Months Ended

Jun. 30, 2019

Note 20: Earnings and Dividends Per Common Share

Table 20.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.

Table 20.1: Earnings Per Common Share Calculations



	Quarter ended June 30,			Six months ended June 30,
(in millions, except per share amounts)	2019		2018	2019		2018
Wells Fargo net income	$	6,206	5,186	$	12,066	10,322
Less: Preferred stock dividends and other	358		394	711		797
Wells Fargo net income applicable to common stock (numerator)	$	5,848	4,792	$	11,355	9,525
Earnings per common share
Average common shares outstanding (denominator)	4,469.4		4,865.8	4,510.2		4,875.7
Per share	$	1.31	0.98	$	2.52	1.95
Diluted earnings per common share
Average common shares outstanding	4,469.4		4,865.8	4,510.2		4,875.7
Add: Stock options (1)	0.1		8.2	1.4		9.0
Restricted share rights (1)	25.5		20.7	28.5		25.4
Warrants (1)	—		5.1	—		6.0
Diluted average common shares outstanding (denominator)	4,495.0		4,899.8	4,540.1		4,916.1
Per share	$	1.30	0.98	$	2.50	1.94


(1)	Calculated using the treasury stock method.

Table 20.2 presents the outstanding Series L convertible preferred stock and options to purchase shares of common stock that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share.

Table 20.2: Outstanding Anti-Dilutive Securities



	Weighted-average shares
	Quarter ended June 30,		Six months ended June 30,
(in millions)	2019	2018	2019	2018
Series L Convertible Preferred Stock (1)	25.3	25.3	25.3	25.3
Stock options (2)	—	—	—	0.5


(1)	Calculated using the if-converted method.


(2)	Calculated using the treasury stock method.

Table 20.3 presents dividends declared per common share.

Table 20.3: Dividends Declared Per Common Share



	Quarter ended June 30,			Six months ended June 30,
	2019		2018	2019	2018
Per common share	$	0.450	0.390	0.900	0.780