Earnings Per Common Share

3 Months Ended

Mar. 31, 2020

Note 21.

Earnings Per Common Share

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 or performance 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 or performance conditions.

The table below presents information about basic and diluted EPS.



	Three Months Ended March

in millions, except per share amounts		2020	2019
Net earnings to common		$1,123	$2,182
Weighted average basic shares		358.0	379.8
Effect of dilutive RSUs		3.1	2.6
Weighted average diluted shares		361.1	382.4
Basic EPS		$ 3.12	$ 5.73
Diluted EPS		$ 3.11	$ 5.71

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 basic EPS. The impact of applying this methodology was a reduction in basic EPS of $0.02 for both the three months ended March 2020 and March 2019.

•	Diluted EPS does not include antidilutive RSUs of 0.1 million for the three months ended March 2020 and 0.2 million for the three months ended March 2019.