| Earnings Per Common Share |
Earnings Per Common Share
The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 2020 and 2019 is presented on the following page. 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.
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Three Months Ended June 30 |
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Six Months Ended June 30 |
(In millions, except per share information) |
2020 |
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2019 |
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2020 |
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2019 |
Earnings per common share |
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Net income |
$ |
3,533 |
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$ |
7,348 |
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$ |
7,543 |
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$ |
14,659 |
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Preferred stock dividends |
(249 |
) |
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(239 |
) |
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(718 |
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(681 |
) |
Net income applicable to common shareholders |
$ |
3,284 |
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$ |
7,109 |
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$ |
6,825 |
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$ |
13,978 |
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Average common shares issued and outstanding |
8,739.9 |
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9,523.2 |
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8,777.6 |
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9,624.0 |
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Earnings per common share |
$ |
0.38 |
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$ |
0.75 |
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$ |
0.78 |
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$ |
1.45 |
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Diluted earnings per common share |
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Net income applicable to common shareholders |
3,284.0 |
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$ |
7,109 |
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$ |
6,825 |
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$ |
13,978 |
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Average common shares issued and outstanding |
8,739.9 |
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9,523.2 |
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8,777.6 |
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9,624.0 |
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Dilutive potential common shares (1)
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28.2 |
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36.4 |
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35.7 |
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48.4 |
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Total diluted average common shares issued and outstanding |
8,768.1 |
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9,559.6 |
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8,813.3 |
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9,672.4 |
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Diluted earnings per common share |
$ |
0.37 |
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$ |
0.74 |
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$ |
0.77 |
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$ |
1.45 |
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(1) |
Includes incremental dilutive shares from restricted stock units, restricted stock and warrants. |
For both the three and six months ended June 30, 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.
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