XML 47 R26.htm IDEA: XBRL DOCUMENT v3.19.3
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
For additional information on our earnings per share calculation methodologies, refer to page 78 in Note 23 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in the 2018 Annual Financial Statements.
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Net income
$
583

 
$
764

 
$
1,678

 
$
2,156

Less:
 
 
 
 
 
 
 
Preferred stock dividends
(55
)
 
(55
)
 
(160
)
 
(146
)
Dividends and undistributed earnings allocated to participating securities(1)
—

 
(1
)
 
(1
)
 
(2
)
Net income available to common shareholders
$
528


$
708


$
1,517

 
$
2,008

Average common shares outstanding (In thousands):
 
 
 
 
 
 
 
Basic average common shares
366,732

 
374,963

 
372,766

 
369,368

Effect of dilutive securities: equity-based awards
3,863

 
4,420

 
3,595

 
4,696

Diluted average common shares
370,595

 
379,383


376,361

 
374,064

Anti-dilutive securities(2)
3,037

 
1,360

 
2,559

 
871

Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.44

 
$
1.89

 
$
4.07

 
$
5.44

Diluted(3)
1.42

 
1.87

 
4.03

 
5.37

 
 

(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
(2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 72 to 74 in Note 18 to the consolidated financial statements in the 2018 Annual Financial Statements.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.