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Earnings Per Common Share
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Common Share

Note 21.

Earnings Per Common Share

Basic earnings per common share (EPS) is calculated by dividing net earnings applicable to common shareholders by the weighted average number of common shares outstanding and RSUs for which no future service is required as a condition to the delivery of the underlying common stock (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for stock options and for RSUs for which future service is required as a condition to the delivery of the underlying common stock.

The table below presents the computations of basic and diluted EPS.

 

    Three Months
Ended September		         Nine Months
Ended September		  
in millions, except per share amounts     2016         2015            2016         2015   

Net earnings applicable to common shareholders

     $2,100         $1,330            $4,934         $4,994   

Weighted average number of basic shares

     422.4         449.0          431.5         451.2   
   

Effect of dilutive securities:

            

RSUs

     4.8         5.6          4.3         5.0   
   

Stock options

     3.0         4.0            3.0         4.7   

Dilutive securities

     7.8         9.6            7.3         9.7   

Weighted average number of basic shares and dilutive securities

     430.2         458.6            438.8         460.9   

 

Basic EPS

     $  4.96         $  2.95          $11.40         $11.03   
   

Diluted EPS

     4.88         2.90            11.24         10.84   

In the table above, unvested share-based awards that have non-forfeitable rights to dividends or dividend equivalents are treated as a separate class of securities in calculating EPS. The impact of applying this methodology was a reduction in basic EPS of $0.01 for both the three months ended September 2016 and September 2015, and $0.03 and $0.04 for the nine months ended September 2016 and September 2015, respectively.

The diluted EPS computations in the table above do not include antidilutive RSUs and common shares underlying antidilutive stock options of 6.0 million for both the three months ended September 2016 and September 2015, and 6.1 million and 6.0 million for the nine months ended September 2016 and September 2015, respectively.