Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Common Share

v3.21.2
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The calculation of earnings per common share (EPS) and diluted EPS for the three and nine months ended September 30, 2021 and 2020 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 2020 Annual Report on Form 10-K.
Three Months Ended September 30 Nine Months Ended September 30
(In millions, except per share information) 2021 2020 2021 2020
Earnings per common share      
Net income $ 7,691  $ 4,881  $ 24,965  $ 12,424 
Preferred stock dividends (431) (441) (1,181) (1,159)
Net income applicable to common shareholders $ 7,260  $ 4,440  $ 23,784  $ 11,265 
Average common shares issued and outstanding 8,430.7  8,732.9  8,583.1  8,762.6 
Earnings per common share $ 0.86  $ 0.51  $ 2.77  $ 1.29 
Diluted earnings per common share        
Net income applicable to common shareholders $ 7,260  $ 4,440  $ 23,784  $ 11,265 
Add preferred stock dividends due to assumed conversions —  —  168  — 
Net income allocated to common shareholders $ 7,260  $ 4,440  $ 23,952  $ 11,265 
Average common shares issued and outstanding 8,430.7  8,732.9  8,583.1  8,762.6 
Dilutive potential common shares (1)
62.1  44.6  119.1  37.9 
Total diluted average common shares issued and outstanding 8,492.8  8,777.5  8,702.2  8,800.5 
Diluted earnings per common share $ 0.85  $ 0.51  $ 2.75  $ 1.28 
(1)Includes incremental dilutive shares from preferred stock, restricted stock units, restricted stock and warrants.
For the nine months ended September 30, 2021, 62 million average dilutive potential common shares associated with the Series L preferred stock were included in the diluted share count under the “if-converted” method, whereas they were antidilutive for the three months ended September 30, 2021 and the three and nine months ended September 30, 2020.