Earnings Per Common Share (EPS) (Tables)

3 Months Ended

Mar. 31, 2015

The computations of basic and diluted EPS for the three months ended March 31 were as follows:

(Millions, except per share amounts)			2015			2014
Numerator:
	Basic and diluted:
		Net income	$	1,525	$	1,432
		Earnings allocated to participating share awards^(a)		(11)		(12)
		Net income attributable to common shareholders	$	1,514	$	1,420
Denominator:^(a)
	Basic: Weighted-average common stock		$	1,019		1,060
	Add: Weighted-average stock options ^(b)			4		7
	Diluted		$	1,023		1,067

Basic EPS			$	1.49	$	1.34
Diluted EPS			$	1.48	$	1.33

The Company’s unvested restricted stock awards, which include the right to receive non-forfeitable dividends or dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator
The dilutive effect of unexercised stock options excludes 0.5 million and 0.2 million of options from the computation of EPS for the three months ended March 31, 2015 and 2014, respectively, because inclusion of the options would have been anti-dilutive.

The Company has the following perpetual Fixed Rate/Floating Rate Noncumulative Preferred Share series issued and outstanding as of March 31, 2015:

	Series B	Series C
Issuance date	November 10, 2014	March 2, 2015
Securities issued	750 Preferred Shares; represented by 750,000 depositary shares	850 Preferred Shares; represented by 850,000 depositary shares
Aggregate liquidation preference	$750 million	$850 million
Fixed dividend rate per annum	5.20%	4.90%
Semi-annual fixed dividend payment dates	Beginning May 15, 2015	Beginning September 15, 2015
Floating dividend rate per annum	3 month LIBOR+ 3.428%	3 month LIBOR+ 3.285%
Quarterly floating dividend payment dates	Beginning February 15, 2020	Beginning June 15, 2020
Fixed to floating rate conversion date^(a)	November 15, 2019	March 15, 2020

The date on which dividends convert from a fixed rate calculation to a floating rate calculation.