| Calculation of earnings per common share and diluted earnings per common share |
The calculation of EPS and diluted EPS for 2018, 2017 and 2016 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.
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(In millions, except per share information) |
2018 |
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2017 |
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2016 |
Earnings per common share |
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Net income |
$ |
28,147 |
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$ |
18,232 |
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$ |
17,822 |
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Preferred stock dividends |
(1,451 |
) |
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(1,614 |
) |
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(1,682 |
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Net income applicable to common shareholders |
$ |
26,696 |
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$ |
16,618 |
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$ |
16,140 |
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Average common shares issued and outstanding |
10,096.5 |
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10,195.6 |
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10,284.1 |
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Earnings per common share |
$ |
2.64 |
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$ |
1.63 |
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$ |
1.57 |
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Diluted earnings per common share |
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Net income applicable to common shareholders |
$ |
26,696 |
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$ |
16,618 |
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$ |
16,140 |
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Add preferred stock dividends due to assumed conversions (1)
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— |
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186 |
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300 |
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Net income allocated to common shareholders |
$ |
26,696 |
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$ |
16,804 |
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$ |
16,440 |
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Average common shares issued and outstanding |
10,096.5 |
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10,195.6 |
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10,284.1 |
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Dilutive potential common shares (2)
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140.4 |
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582.8 |
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762.7 |
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Total diluted average common shares issued and outstanding |
10,236.9 |
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10,778.4 |
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11,046.8 |
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Diluted earnings per common share |
$ |
2.61 |
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$ |
1.56 |
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$ |
1.49 |
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(1) |
Represents the Series T dividends under the “if-converted” method prior to conversion. |
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(2) |
Includes incremental dilutive shares from RSUs, restricted stock and warrants. |
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