| Earnings Per Common Share |
Earnings Per Common Share
The calculation of EPS and diluted EPS for 2024, 2023 and 2022 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.
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| (In millions, except per share information) |
2024 |
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2023 |
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2022 |
| Earnings per common share |
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| Net income |
$ |
27,132
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$ |
26,515 |
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$ |
27,528 |
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| Preferred stock dividends |
(1,629) |
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(1,649) |
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(1,513) |
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| Net income applicable to common shareholders |
$ |
25,503
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$ |
24,866 |
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$ |
26,015 |
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| Average common shares issued and outstanding |
7,855.5
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8,028.6 |
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8,113.7 |
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| Earnings per common share |
$ |
3.25
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$ |
3.10 |
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$ |
3.21 |
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| Diluted earnings per common share |
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| Net income applicable to common shareholders |
$ |
25,503
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$ |
24,866 |
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$ |
26,015 |
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| Average common shares issued and outstanding |
7,855.5
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8,028.6 |
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8,113.7 |
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Dilutive potential common shares (1)
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80.3
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51.9 |
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53.8 |
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| Total diluted average common shares issued and outstanding |
7,935.8 |
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8,080.5 |
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8,167.5 |
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| Diluted earnings per common share |
$ |
3.21
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$ |
3.08 |
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$ |
3.19 |
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(1) Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.
For 2024, 2023 and 2022, 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
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