Earnings Per Common Share

3 Months Ended

Mar. 31, 2022


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 March 31,
(in millions, except per share amounts)			2022		2021
Wells Fargo net income			$	3,671	4,636
Less: Preferred stock dividends and other (1)			278		380
Wells Fargo net income applicable to common stock (numerator)			$	3,393	4,256
Earnings per common share
Average common shares outstanding (denominator)			3,831.1		4,141.3
Per share			$	0.89	1.03
Diluted earnings per common share
Average common shares outstanding			3,831.1		4,141.3

Add:	Restricted share rights (2)		37.8		29.7
Diluted average common shares outstanding (denominator)			3,868.9		4,171.0
Per share			$	0.88	1.02

(1)The quarter ended March 31, 2021, balance includes $44 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 securities 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)		2022	2021
Convertible Preferred Stock, Series L (1)		25.3	25.3
Restricted share rights (2)		0.1	0.3

(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 March 31,
		2022		2021
Per common share		$	0.25	0.10