Earnings and Dividends Per Common Share

3 Months Ended

Mar. 31, 2020

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.

See Note 1 (Summary of Significant Accounting Policies) for discussion on share repurchases.

Table 20.1: Earnings Per Common Share Calculations



	Quarter ended March 31,
(in millions, except per share amounts)	2020		2019
Wells Fargo net income	$	653	5,860
Less: Preferred stock dividends and other (1)	611		353
Wells Fargo net income applicable to common stock (numerator)	$	42	5,507
Earnings per common share
Average common shares outstanding (denominator)	4,104.8		4,551.5
Per share	$	0.01	1.21
Diluted earnings per common share
Average common shares outstanding	4,104.8		4,551.5
Add: Stock options (2)	—		2.5
Restricted share rights (2)	30.5		30.0
Diluted average common shares outstanding (denominator)	4,135.3		4,584.0
Per share	$	0.01	1.20


(1)	The quarter ended March 31, 2020, includes $272 million from the elimination of discounts or issuance costs associated with redemptions of preferred stock.


(2)	Calculated using the treasury stock method.

Table 20.2 presents the outstanding Convertible Preferred Stock, Series L, 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 March 31,
(in millions)	2020	2019
Convertible Preferred Stock, Series L (1)	25.3	25.3


(1)	Calculated using the if-converted method.

Table 20.3 presents dividends declared per common share.

Table 20.3: Dividends Declared Per Common Share

Quarter ended March 31,

Per common share