Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share (Tables)

v3.19.3.a.u2
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Calculation of earnings per common share and diluted earnings per common share
The calculation of EPS and diluted EPS for 2019, 2018 and 2017 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.
 
 
 
 
 
 
(In millions, except per share information)
2019
 
2018
 
2017
Earnings per common share
 
 
 

 
 
Net income
$
27,430

 
$
28,147

 
$
18,232

Preferred stock dividends
(1,432
)
 
(1,451
)
 
(1,614
)
Net income applicable to common shareholders
$
25,998

 
$
26,696

 
$
16,618

Average common shares issued and outstanding
9,390.5

 
10,096.5

 
10,195.6

Earnings per common share
$
2.77

 
$
2.64

 
$
1.63

 
 
 
 
 
 
Diluted earnings per common share
 

 
 

 
 
Net income applicable to common shareholders
$
25,998

 
$
26,696

 
$
16,618

Add preferred stock dividends due to assumed conversions (1)
—

 
—

 
186

Net income allocated to common shareholders
$
25,998

 
$
26,696

 
$
16,804

Average common shares issued and outstanding
9,390.5

 
10,096.5

 
10,195.6

Dilutive potential common shares (2)
52.4

 
140.4

 
582.8

Total diluted average common shares issued and outstanding
9,442.9

 
10,236.9

 
10,778.4

Diluted earnings per common share
$
2.75

 
$
2.61

 
$
1.56

(1) 
Represents the Series T dividends under the "If-converted" method prior to conversion.
(2) 
Includes incremental dilutive shares from RSUs, restricted stock and warrants.