Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share

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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2024
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, 2024 and 2023 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 2023 Annual Report on Form 10-K.
Three Months Ended March 31
(In millions, except per share information) 2024 2023
Earnings per common share    
Net income $ 6,674  $ 8,161 
Preferred stock dividends (532) (505)
Net income applicable to common shareholders $ 6,142  $ 7,656 
Average common shares issued and outstanding 7,968.2  8,065.9 
Earnings per common share $ 0.77  $ 0.95 
Diluted earnings per common share    
Net income applicable to common shareholders $ 6,142  $ 7,656 
Add preferred stock dividends due to assumed conversions —  56 
Net income allocated to common shareholders $ 6,142  $ 7,712 
Average common shares issued and outstanding 7,968.2  8,065.9 
Dilutive potential common shares (1)
63.2  116.4 
Total diluted average common shares issued and outstanding 8,031.4  8,182.3 
Diluted earnings per common share $ 0.76  $ 0.94 
(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.
For the three months ended March 31, 2024, 62 million average dilutive potential common shares associated with the Series L preferred stock were antidilutive, whereas they were included in the diluted share count under the “if-converted” method for the three months ended March 31, 2023.