Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

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Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Calculation of earnings per common share and diluted earnings per common share
The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 2022 and 2021 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 2021 Annual Report on Form 10-K.
Three Months Ended June 30 Six Months Ended June 30
(In millions, except per share information) 2022 2021 2022 2021
Earnings per common share      
Net income $ 6,247  $ 9,224  $ 13,314  $ 17,274 
Preferred stock dividends (315) (260) (782) (750)
Net income applicable to common shareholders $ 5,932  $ 8,964  $ 12,532  $ 16,524 
Average common shares issued and outstanding 8,121.6  8,620.8  8,129.3  8,660.4 
Earnings per common share $ 0.73  $ 1.04  $ 1.54  $ 1.91 
Diluted earnings per common share        
Net income applicable to common shareholders $ 5,932  $ 8,964  $ 12,532  $ 16,524 
Add preferred stock dividends due to assumed conversions —  56  —  112 
Net income allocated to common shareholders $ 5,932  $ 9,020  $ 12,532  $ 16,636 
Average common shares issued and outstanding 8,121.6  8,620.8  8,129.3  8,660.4 
Dilutive potential common shares (1)
41.5  114.7  52.9  115.8 
Total diluted average common shares issued and outstanding 8,163.1  8,735.5  8,182.2  8,776.2 
Diluted earnings per common share $ 0.73  $ 1.03  $ 1.53  $ 1.90 
(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.