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Earnings per common share | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Earnings per common share | The computations of basic earnings per common share follow:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions, except per share, shares in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Income available to common shareholders: |  |  |  |  |  |  |
Net income | $ | 655 |  |  | $ | 867 |  |  | $ | 1,186 |  |  | $ | 1,569 |
Less: Preferred stock dividends | (27) |  |  | (25) |  |  | (52) |  |  | (50) |
Net income available to common equity | 628 |  |  | 842 |  |  | 1,134 |  |  | 1,519 |
Less: Income attributable to unvested stock-based compensation awards | (2) |  |  | (1) |  |  | (3) |  |  | (3) |
Net income available to common shareholders | $ | 626 |  |  | $ | 841 |  |  | $ | 1,131 |  |  | $ | 1,516 |
Weighted-average shares outstanding: |  |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 167,282 |  |  | 166,152 |  | 167,010 |  |  | 167,076
Less: Unvested stock-based compensation awards | (331) |  |  | (310) |  | (305) |  |  | (294)
Weighted-average shares outstanding | 166,951 |  | 165,842 |  | 166,705 |  | 166,782
Basic earnings per common share | $ | 3.75 |  |  | $ | 5.07 |  |  | $ | 6.79 |  |  | $ | 9.09 |
The computations of diluted earnings per common share follow:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions, except per share, shares in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Net income available to common equity | $ | 628 |  |  | $ | 842 |  |  | $ | 1,134 |  |  | $ | 1,519 |
Less: Income attributable to unvested stock-based compensation awards | (2) |  |  | (1) |  |  | (3) |  |  | (3) |
Net income available to common shareholders | $ | 626 |  |  | $ | 841 |  |  | $ | 1,131 |  |  | $ | 1,516 |
Adjusted weighted-average shares outstanding: |  |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 167,282 |  |  | 166,152 |  | 167,010 |  |  | 167,076
Less: Unvested stock-based compensation awards | (331) |  |  | (310) |  | (305) |  |  | (294)
Plus: Incremental shares from assumed conversion of stock-based compensation awards | 708 |  |  | 478 |  | 667 |  |  | 577
Adjusted weighted-average shares outstanding | 167,659 |  | 166,320 |  | 167,372 |  | 167,359
Diluted earnings per common share | $ | 3.73 |  |  | $ | 5.05 |  |  | $ | 6.76 |  |  | $ | 9.06 |
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 1,213,284 common shares and 1,270,737 common shares during the three-month and six-month periods ended June 30, 2024, respectively, and 2,284,597 and 1,828,360 common shares during the three-month and six-month periods ended June 30, 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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