Annual report pursuant to Section 13 and 15(d)

Earnings Per Common Share

v3.22.4
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The calculation of EPS and diluted EPS for 2022, 2021 and 2020 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) 2022 2021 2020
Earnings per common share    
Net income $ 27,528  $ 31,978  $ 17,894 
Preferred stock dividends and other (1,513) (1,421) (1,421)
Net income applicable to common shareholders $ 26,015  $ 30,557  $ 16,473 
Average common shares issued and outstanding 8,113.7  8,493.3  8,753.2 
Earnings per common share $ 3.21  $ 3.60  $ 1.88 
Diluted earnings per common share    
Net income applicable to common shareholders $ 26,015  $ 30,557  $ 16,473 
Average common shares issued and outstanding 8,113.7  8,493.3  8,753.2 
Dilutive potential common shares (1)
53.8  65.1  43.7 
Total diluted average common shares issued and outstanding 8,167.5  8,558.4  8,796.9 
Diluted earnings per common share $ 3.19  $ 3.57  $ 1.87 
(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.
For 2022, 2021 and 2020, 62 average dilutive potential common shares associated with the Series L preferred stock were not included in the diluted share count because the result would have been antidilutive under the “if-converted” method.