Year ended December 31, (in millions, except per share amounts) | 2013 | 2012 | 2011 | ||||||
Basic earnings per share | |||||||||
Net income | $ | 17,923 | $ | 21,284 | $ | 18,976 | |||
Less: Preferred stock dividends | 805 | 653 | 629 | ||||||
Net income applicable to common equity | 17,118 | 20,631 | 18,347 | ||||||
Less: Dividends and undistributed earnings allocated to participating securities | 525 | 754 | 779 | ||||||
Net income applicable to common stockholders | $ | 16,593 | $ | 19,877 | $ | 17,568 | |||
Total weighted-average basic shares outstanding | 3,782.4 | 3,809.4 | 3,900.4 | ||||||
Net income per share | $ | 4.39 | $ | 5.22 | $ | 4.50 | |||
Diluted earnings per share | |||||||||
Net income applicable to common stockholders | $ | 16,593 | $ | 19,877 | $ | 17,568 | |||
Total weighted-average basic shares outstanding | 3,782.4 | 3,809.4 | 3,900.4 | ||||||
Add: Employee stock options, SARs and warrants(a) | 32.5 | 12.8 | 19.9 | ||||||
Total weighted-average diluted shares outstanding(b) | 3,814.9 | 3,822.2 | 3,920.3 | ||||||
Net income per share | $ | 4.35 | $ | 5.20 | $ | 4.48 | |||
(a) | Excluded from the computation of diluted EPS (due to the antidilutive effect) were options issued under employee benefit plans and the warrants originally issued in 2008 under the U.S. Treasury’s Capital Purchase Program to purchase shares of the Firm’s common stock. The aggregate number of shares issuable upon the exercise of such options and warrants was 6 million, 148 million and 133 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
(b) | Participating securities were included in the calculation of diluted EPS using the two-class method, as this computation was more dilutive than the calculation using the treasury stock method. |