Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2025

EPS Under Basic and Diluted Computations

The computations of basic and diluted EPS for common stock and nonvoting common stock for the three and nine months ended September 30, 2025 are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025						2025
	Common Stock		Nonvoting Common Stock		Consolidated Common Stock		Common Stock		Nonvoting Common Stock		Consolidated Common Stock
Basic earnings per share:
Numerator
Net income	$	2,358	$	—	$	2,358	$	6,373	$	20	$	6,393
Preferred stock dividends and other (1)	(81)		—		(81)		(342)		(1)		(343)
Net income available to common stockholders	$	2,277	$	—	$	2,277	$	6,031	$	19	$	6,050
Denominator
Weighted-average common shares outstanding — basic	1,806		—		1,806		1,807		51		1,815
Basic earnings per share	$	1.26	$	—	$	1.26	$	3.33	$	.37	$	3.33
Diluted earnings per share:
Numerator
Net income available to common stockholders	$	2,277	$	—	$	2,277	$	6,031	$	19	$	6,050
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares	—		—		—		19		—		—
Allocation of net income available to common stockholders:	$	2,277	$	—	$	2,277	$	6,050	$	19	$	6,050
Denominator
Weighted-average common shares outstanding — basic	1,806		—		1,806		1,807		51		1,815
Conversion of nonvoting shares to voting shares	—		—		—		8		—		—
Common stock equivalent shares related to stock incentive plans	5		—		5		5		—		5
Weighted-average common shares outstanding — diluted (2)	1,811		—		1,811		1,820		51		1,820
Diluted earnings per share	$	1.26	$	—	$	1.26	$	3.33	$	.37	$	3.33

(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units.

(2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 9 million and 13 million for the three and nine months ended September 30, 2025, respectively.

As of September 30, 2024, the Company had voting and nonvoting common stock outstanding. The computations of basic and diluted EPS for the two classes for the three and nine months ended September 30, 2024 are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024				2024
	Common Stock		Nonvoting Common Stock		Common Stock		Nonvoting Common Stock
Basic earnings per share:
Numerator
Net income	$	1,369	$	39	$	3,988	$	114
Preferred stock dividends and other (1)	(106)		(3)		(332)		(9)
Net income available to common stockholders	$	1,263	$	36	$	3,656	$	105
Denominator
Weighted-average common shares outstanding — basic	1,778		51		1,776		51
Basic earnings per share	$	.71	$	.71	$	2.06	$	2.06
Diluted earnings per share:
Numerator
Net income available to common stockholders	$	1,263	$	36	$	3,656	$	105
Reallocation of net income available to common stockholders as a result of conversion of nonvoting to voting shares	36		—		105		—
Allocation of net income available to common stockholders:	$	1,299	$	36	$	3,761	$	105
Denominator
Weighted-average common shares outstanding — basic	1,778		51		1,776		51
Conversion of nonvoting shares to voting shares	51		—		51		—
Common stock equivalent shares related to stock incentive plans	5		—		6		—
Weighted-average common shares outstanding — diluted (2)	1,834		51		1,833		51
Diluted earnings per share	$	.71	$	.71	$	2.05	$	2.05

(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units.

(2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 14 million and 18 million for the three and nine months ended September 30, 2024, respectively.