Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share

Earnings Per Common Share

12 Months Ended

Dec. 31, 2023

The calculation of EPS and diluted EPS for 2023, 2022 and 2021 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)	2023		2022		2021
Earnings per common share
Net income	$	26,515	$	27,528	$	31,978
Preferred stock dividends and other	(1,649)		(1,513)		(1,421)
Net income applicable to common shareholders	$	24,866	$	26,015	$	30,557


Average common shares issued and outstanding	8,028.6		8,113.7		8,493.3
Earnings per common share	$	3.10	$	3.21	$	3.60

Diluted earnings per common share

Net income applicable to common shareholders	$	24,866	$	26,015	$	30,557


Average common shares issued and outstanding	8,028.6		8,113.7		8,493.3
Dilutive potential common shares (1)	51.9		53.8		65.1
Total diluted average common shares issued and outstanding	8,080.5		8,167.5		8,558.4
Diluted earnings per common share	$	3.08	$	3.19	$	3.57

(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.

For 2023, 2022 and 2021, 62 million average dilutive potential common shares associated with the Series L preferred stock were not included in the diluted share count because the result would have been antidilutive under the “if-converted” method.