Bank of America Corporation Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share (Tables)

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2019

Calculation of earnings per common share and diluted earnings per common share

The calculation of EPS and diluted EPS for 2019, 2018 and 2017 is presented below. For more information on the calculation of EPS, see Note 1 – Summary of Significant Accounting Principles.




(In millions, except per share information)	2019			2018			2017
Earnings per common share
Net income	$	27,430		$	28,147		$	18,232
Preferred stock dividends	(1,432		)	(1,451		)	(1,614		)
Net income applicable to common shareholders	$	25,998		$	26,696		$	16,618
Average common shares issued and outstanding	9,390.5			10,096.5			10,195.6
Earnings per common share	$	2.77		$	2.64		$	1.63

Diluted earnings per common share
Net income applicable to common shareholders	$	25,998		$	26,696		$	16,618
Add preferred stock dividends due to assumed conversions ⁽¹⁾	—			—			186
Net income allocated to common shareholders	$	25,998		$	26,696		$	16,804
Average common shares issued and outstanding	9,390.5			10,096.5			10,195.6
Dilutive potential common shares ⁽²⁾	52.4			140.4			582.8
Total diluted average common shares issued and outstanding	9,442.9			10,236.9			10,778.4
Diluted earnings per common share	$	2.75		$	2.61		$	1.56


⁽¹⁾	Represents the Series T dividends under the "If-converted" method prior to conversion.


⁽²⁾	Includes incremental dilutive shares from RSUs, restricted stock and warrants.