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Earnings per common share | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
Earnings per common share | 9. 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) | 2025 |  | 2024 |  | 2025 |  | 2024
Income available to common shareholders: |  |  |  |  |  |  |
Net income | $ | 716 |  |  | $ | 655 |  |  | $ | 1,300 |  |  | $ | 1,186 |
Less: Preferred stock dividends | (35) |  |  | (27) |  |  | (71) |  |  | (52) |
Net income available to common equity | 681 |  |  | 628 |  |  | 1,229 |  |  | 1,134 |
Less: Income attributable to unvested stock-based compensation awards | (2) |  |  | (2) |  |  | (3) |  |  | (3) |
Net income available to common shareholders | $ | 679 |  |  | $ | 626 |  |  | $ | 1,226 |  |  | $ | 1,131 |
Weighted-average shares outstanding: |  |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 159,559 |  |  | 167,282 |  |  | 162,025 |  |  | 167,010
Less: Unvested stock-based compensation awards | (338) |  |  | (331) |  |  | (324) |  |  | (305)
Weighted-average shares outstanding | 159,221 |  |  | 166,951 |  |  | 161,701 |  | 166,705
Basic earnings per common share | $ | 4.26 |  |  | $ | 3.75 |  |  | $ | 7.58 |  |  | $ | 6.79 |
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) | 2025 |  | 2024 |  | 2025 |  | 2024
Net income available to common equity | $ | 681 |  |  | $ | 628 |  |  | $ | 1,229 |  |  | $ | 1,134 |
Less: Income attributable to unvested stock-based compensation awards | (2) |  |  | (2) |  |  | (3) |  |  | (3) |
Net income available to common shareholders | $ | 679 |  |  | $ | 626 |  |  | $ | 1,226 |  |  | $ | 1,131 |
Adjusted weighted-average shares outstanding: |  |  |  |  |  |  |
Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 159,559 |  |  | 167,282 |  |  | 162,025 |  |  | 167,010
Less: Unvested stock-based compensation awards | (338) |  |  | (331) |  |  | (324) |  |  | (305)
Plus: Incremental shares from assumed conversion of stock-based compensation awards | 784 |  |  | 708 |  |  | 810 |  |  | 667
Adjusted weighted-average shares outstanding | 160,005 |  |  | 167,659 |  |  | 162,511 |  | 167,372
Diluted earnings per common share | $ | 4.24 |  |  | $ | 3.73 |  |  | $ | 7.55 |  |  | $ | 6.76 |
Stock-based compensation awards to purchase common stock of M&T representing common shares of 174,988 and 160,306 during the three-month and six-month periods ended June 30, 2025, respectively, and common shares of 1,213,284 and 1,270,737 during the three-month and six-month periods ended June 30, 2024, 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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