The following table sets forth the computation of basic and diluted earnings per common share:

Table 13.1: Computation of Basic and Diluted Earnings per Common Share



	Year Ended December 31,
(Dollars and shares in millions, except per share data)	2016			2015			2014
Income from continuing operations, net of tax	$	3,770		$	4,012		$	4,423
Income (loss) from discontinued operations, net of tax	(19		)	38			5
Net income	3,751			4,050			4,428
Dividends and undistributed earnings allocated to participating securities⁽¹⁾	(24		)	(20		)	(18		)
Preferred stock dividends	(214		)	(158		)	(67		)
Net income available to common stockholders	$	3,513		$	3,872		$	4,343

Total weighted-average basic shares outstanding	504.9			541.8			563.1
Effect of dilutive securities:
Stock options	2.0			2.6			2.7
Other contingently issuable shares	1.3			1.3			1.6
Warrants⁽²⁾	1.6			2.3			4.5
Total effect of dilutive securities	4.9			6.2			8.8
Total weighted-average diluted shares outstanding	509.8			548.0			571.9

Basic earnings per common share:
Net income from continuing operations	$	7.00		$	7.08		$	7.70
Income (loss) from discontinued operations	(0.04		)	0.07			0.01
Net income per basic common share	$	6.96		$	7.15		$	7.71

Diluted earnings per common share:⁽³⁾
Net income from continuing operations	$	6.93		$	7.00		$	7.58
Income (loss) from discontinued operations	(0.04		)	0.07			0.01
Net income per diluted common share	$	6.89		$	7.07		$	7.59

__________


⁽¹⁾	Dividends and undistributed earnings allocated to participating securities includes undistributed earnings allocated to participating securities using the two-class method under the accounting guidance for computing earnings per share.


⁽²⁾	Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program (“TARP”). There were 4.1 million warrants to purchase common stock outstanding as of both December 31, 2016 and 2015, and 6.4 million as of December 31, 2014.

⁽³⁾

Excluded from the computation of diluted earnings per share were 1.7 million shares related to options with exercise prices ranging from $63.73 to $88.81, 1.9 million shares related to options with exercise prices ranging from $70.96 to $88.81 and 2.9 million shares related to options with exercise prices ranging from $70.96 to $88.81 for the years ended December 31, 2016, 2015 and 2014, respectively, because their inclusion would be anti-dilutive.