Earnings Per Common Share

12 Months Ended

Dec. 31, 2022

Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and restricted stock units (RSUs) for which the delivery of the underlying common stock is not subject to satisfaction of future service, performance or market conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service, performance or market conditions.

The table below presents information about basic and diluted EPS.


	Year Ended December

in millions, except per share amounts	2022		2021		2020
Net earnings to common	$	10,764	$	21,151	$	8,915
Weighted average basic shares	352.1		350.5		356.4
Effect of dilutive RSUs	6.0		5.3		3.9
Weighted average diluted shares	358.1		355.8		360.3

Basic EPS	$	30.42	$	60.25	$	24.94
Diluted EPS	$	30.06	$	59.45	$	24.74

In the table above:

•Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends.

•Unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities under the two-class method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.15 for 2022, $0.10 for 2021 and $0.07 for 2020.

•Diluted EPS does not include antidilutive RSUs, including those that are subject to market conditions, of 0.5 million for 2022, 0.3 million for 2021 and 0.1 million for 2020.