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Earnings per common share | 3 Months Ended
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Mar. 31, 2024
Earnings Per Share [Abstract] |
Earnings per common share | 8. Earnings per common share The computations of basic earnings per common share follow:
|  | Three Months Ended March 31, |
(Dollars in millions, except per share, shares in thousands) |  | 2024 |  |  | 2023 |
Income available to common shareholders: |  |  |  |  |  |
Net income |  | $ | 531 |  |  | $ | 702 |
Less: Preferred stock dividends |  |  | (25 | ) |  |  | (25 | )
Net income available to common equity |  |  | 506 |  |  |  | 677 |
Less: Income attributable to unvested stock-based compensation awards |  |  | (1 | ) |  |  | (1 | )
Net income available to common shareholders |  | $ | 505 |  |  | $ | 676 |
Weighted-average shares outstanding: |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards |  |  | 166,738 |  |  |  | 168,010 |
Less: Unvested stock-based compensation awards |  |  | (278 | ) |  |  | (278 | )
Weighted-average shares outstanding |  |  | 166,460 |  |  |  | 167,732 |
Basic earnings per common share |  | $ | 3.04 |  |  | $ | 4.03 |
The computations of diluted earnings per common share follow:
|  | Three Months Ended March 31, |
(Dollars in millions, except per share, shares in thousands) |  | 2024 |  |  | 2023 |
Net income available to common equity |  | $ | 506 |  |  | $ | 677 |
Less: Income attributable to unvested stock-based compensation awards |  |  | (1 | ) |  |  | (1 | )
Net income available to common shareholders |  | $ | 505 |  |  | $ | 676 |
Adjusted weighted-average shares outstanding: |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards |  |  | 166,738 |  |  |  | 168,010 |
Less: Unvested stock-based compensation awards |  |  | (278 | ) |  |  | (278 | )
Plus: Incremental shares from assumed conversion of stock-based compensation awards |  |  | 624 |  |  |  | 678 |
Adjusted weighted-average shares outstanding |  |  | 167,084 |  |  |  | 168,410 |
Diluted earnings per common share |  | $ | 3.02 |  |  | $ | 4.01 |
GAAP defines unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities that shall be included in the computation of earnings per common share pursuant to the two-class method. The Company has issued stock-based compensation awards in the form of restricted stock and restricted stock units which, in accordance with GAAP, are considered participating securities. Stock-based compensation awards to purchase common stock of M&T representing 1,328,190 common shares and 1,367,054 common shares during the three months ended March 31, 2024 and 2023, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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