Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and 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.



	Three Months Ended September				Nine Months Ended September
in millions, except per share amounts	2023		2022		2023		2022
Net earnings to common	$	1,882	$	2,962	$	6,040	$	9,579
Weighted average basic shares	338.7		352.8		342.5		353.0
Effect of dilutive RSUs	5.2		6.4		4.9		5.6
Weighted average diluted shares	343.9		359.2		347.4		358.6

Basic EPS	$	5.52	$	8.35	$	17.52	$	27.03
Diluted EPS	$	5.47	$	8.25	$	17.39	$	26.71

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 $0.04 for the three months ended September 2023, $0.05 for the three months ended September 2022, $0.12 for the nine months ended September 2023 and $0.11 for the nine months ended September 2022.

•Diluted EPS does not include antidilutive RSUs, including those that are subject to market or performance conditions, of 0.3 million for the three months ended September 2023, 0.4 million for the nine months ended September 2023, and 0.5 million for both the three and nine months ended September 2022.