Table 13.1: Computation of Basic and Diluted Earnings per Share


	Three Months Ended March 31,
(Millions, except per share amounts)	2026		2025
Numerator:
Basic and diluted:
Net income	$	2,971	$	2,584
Preferred dividends	(14)		(14)

Net income available to common shareholders	$	2,957	$	2,570
Earnings allocated to participating share awards (a)	(19)		(18)
Net income attributable to common shareholders	$	2,938	$	2,552
Denominator:(a)
Basic: Weighted-average common stock	685		701
Add: Weighted-average stock options (b)	1		1
Diluted	686		702

Basic EPS	$	4.29	$	3.64
Diluted EPS	$	4.28	$	3.64

(a)Our 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.

(b)The dilutive effect of unexercised stock options excludes from the computation of EPS nil and 0.1 million of options for the three months ended March 31, 2026 and 2025, respectively, because inclusion of the options would have been anti-dilutive.