Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share

v3.20.1
Earnings Per Common Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2020 and 2019 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2019 Annual Report on Form 10-K.
 
 
 
 
 
Three Months Ended March 31
(In millions, except per share information)
2020
 
2019
Earnings per common share
 
 
 

Net income
$
4,010

 
$
7,311

Preferred stock dividends
(469
)
 
(442
)
Net income applicable to common shareholders
$
3,541

 
$
6,869

Average common shares issued and outstanding
8,815.6

 
9,725.9

Earnings per common share
$
0.40

 
$
0.71

 
 
 
 
Diluted earnings per common share
 

 
 

Net income applicable to common shareholders
$
3,541

 
$
6,869

Average common shares issued and outstanding
8,815.6

 
9,725.9

Dilutive potential common shares (1)
47.1

 
61.4

Total diluted average common shares issued and outstanding
8,862.7

 
9,787.3

Diluted earnings per common share
$
0.40

 
$
0.70

(1) 
Includes incremental dilutive shares from RSUs, restricted stock and warrants.
For both the three months ended March 31, 2020 and 2019, 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. For the three months ended March 31, 2019, average warrants to purchase 14 million shares of common stock, were included in the diluted EPS calculation under the treasury stock method. Substantially all of these warrants were exercised on or before their expiration date of January 16, 2019.