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Note 8 - Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]

 

8. Earnings Per Share

 

The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31, 2021, 2020 and 2019:

 

Millions, Except Per Share Amounts

 

2021

  

2020

  

2019

 

Net income

 $6,523  $5,349  $5,919 

Weighted-average number of shares outstanding:

            

Basic

  653.8   677.3   703.5 

Dilutive effect of stock options

  0.8   0.8   1.2 

Dilutive effect of retention shares and units

  0.8   1.0   1.4 

Diluted

  655.4   679.1   706.1 

Earnings per share – basic

 $9.98  $7.90  $8.41 

Earnings per share – diluted

 $9.95  $7.88  $8.38 

 

Common stock options totaling 0.2 million, 0.3 million, and 0.5 million for 2021, 2020, and 2019, respectively, were excluded from the computation of diluted earnings per share because the exercise prices of these stock options exceeded the average market price of our common stock for the respective periods, and the effect of their inclusion would be anti-dilutive.