Bank of America Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share

Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

The calculation of earnings per common share (EPS) and diluted EPS for the three and six months ended June 30, 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 June 30				Six Months Ended June 30
(In millions, except per share information)	2024		2023		2024		2023
Earnings per common share
Net income	$	6,897	$	7,408	$	13,571	$	15,569
Preferred stock dividends	(315)		(306)		(847)		(811)
Net income applicable to common shareholders	$	6,582	$	7,102	$	12,724	$	14,758

Average common shares issued and outstanding	7,897.9		8,040.9		7,933.3		8,053.5
Earnings per common share	$	0.83	$	0.88	$	1.60	$	1.83

Diluted earnings per common share

Net income applicable to common shareholders	$	6,582	$	7,102	$	12,724	$	14,758
Add preferred stock dividends due to assumed conversions	—		—		—		111
Net income allocated to common shareholders	$	6,582	$	7,102	$	12,724	$	14,869
Average common shares issued and outstanding	7,897.9		8,040.9		7,933.3		8,053.5
Dilutive potential common shares (1)	63.0		39.8		62.9		109.1
Total diluted average common shares issued and outstanding	7,960.9		8,080.7		7,996.2		8,162.6
Diluted earnings per common share	$	0.83	$	0.88	$	1.59	$	1.82

(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.

For the three and six months ended June 30, 2024 and the three months ended June 30, 2023, 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 six months ended June 30, 2023.