Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

NOTE 10—EARNINGS PER COMMON SHARE

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

Table 10.1: Computation of Basic and Diluted Earnings per Common Share

	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars and shares in millions, except per share data)	2023		2022		2023		2022
Net income	$	1,790	$	1,694	$	4,181	$	6,128
Dividends and undistributed earnings allocated to participating securities	(28)		(21)		(67)		(74)
Preferred stock dividends	(57)		(57)		(171)		(171)
Net income available to common stockholders	$	1,705	$	1,616	$	3,943	$	5,883
Total weighted-average basic common shares outstanding	382.5		383.4		382.7		394.9
Effect of dilutive securities:(1)
Stock options	0.1		0.2		0.1		0.4
Other contingently issuable shares	0.7		1.0		0.8		1.1
Total effect of dilutive securities	0.8		1.2		0.9		1.5
Total weighted-average diluted common shares outstanding	383.3		384.6		383.6		396.4
Basic earnings per common share:
Net income per basic common share	$	4.46	$	4.21	$	10.31	$	14.90
Diluted earnings per common share:(1)
Net income per diluted common share	$	4.45	$	4.20	$	10.28	$	14.84

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(1)Excluded from the computation of diluted earnings per share were awards of 13 thousand shares for the nine months ended September 30, 2023 and 33 thousand shares and 23 thousand shares for the three and nine months ended September 30, 2022, respectively, because their inclusion would be anti-dilutive. There were no awards excluded from the computation for the three months ended September 30, 2023.