Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share (Tables)

v3.8.0.1
Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Calculation of earnings per common share and diluted earnings per common share
The calculation of earnings per common share (EPS) and diluted EPS for the three months ended March 31, 2018 and 2017 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 2017 Annual Report on Form 10-K.
 
 
 
 
 
Three Months Ended March 31
(In millions, except per share information)
2018
 
2017
Earnings per common share
 

 
 

Net income
$
6,918

 
$
5,337

Preferred stock dividends
(428
)
 
(502
)
Net income applicable to common shareholders
$
6,490

 
$
4,835

Average common shares issued and outstanding
10,322.4

 
10,099.6

Earnings per common share
$
0.63

 
$
0.48

 
 
 
 
Diluted earnings per common share
 

 
 

Net income applicable to common shareholders
$
6,490

 
$
4,835

Add preferred stock dividends due to assumed conversions (1)
—

 
75

Net income allocated to common shareholders
$
6,490

 
$
4,910

Average common shares issued and outstanding
10,322.4

 
10,099.6

Dilutive potential common shares (2)
150.3

 
820.1

Total diluted average common shares issued and outstanding
10,472.7

 
10,919.7

Diluted earnings per common share
$
0.62

 
$
0.45

(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.