| Earnings Per Share |
NOTE I. EARNINGS PER SHARE The following table presents the computation of basic and diluted earnings per share of common stock. | | | | | | | | | | ($ in millions except per share amounts) | | | | | | | | | | For the year ended December 31: | | 2022 | | 2021 | | 2020 | Weighted-average number of shares on which earnings per share calculations are based | | | | | | | | | | Basic | | 902,664,190 | | 895,990,771 | | 890,348,679 | Add—incremental shares under stock-based compensation plans | | 7,593,455 | | 6,883,290 | | 4,802,940 | Add—incremental shares associated with contingently issuable shares | | 2,011,417 | | 1,766,940 | | 1,412,352 | Assuming dilution | | 912,269,062 | | 904,641,001 | | 896,563,971 | Income from continuing operations | | $ | 1,783 | | $ | 4,712 | | $ | 3,932 | Income/(loss) from discontinued operations, net of tax | | | (143) | | | 1,030 | | | 1,658 | Net income on which basic earnings per share is calculated | | $ | 1,639 | | $ | 5,743 | | $ | 5,590 | Income from continuing operations | | $ | 1,783 | | $ | 4,712 | | $ | 3,932 | Net income applicable to contingently issuable shares | | | — | | | — | | | (2) | Income from continuing operations on which diluted earnings per share is calculated | | $ | 1,783 | | $ | 4,712 | | $ | 3,930 | Income/(loss) from discontinued operations, net of tax, on which basic and diluted earnings per share is calculated | | | (143) | | | 1,030 | | | 1,658 | Net income on which diluted earnings per share is calculated | | $ | 1,639 | | $ | 5,743 | | $ | 5,588 | Earnings/(loss) per share of common stock | | | | | | | | | | Assuming dilution | | | | | | | | | | Continuing operations | | $ | 1.95 | | $ | 5.21 | | $ | 4.38 | Discontinued operations | | | (0.16) | | | 1.14 | | | 1.85 | Total | | $ | 1.80 | | $ | 6.35 | | $ | 6.23 | Basic | | | | | | | | | | Continuing operations | | $ | 1.97 | | $ | 5.26 | | $ | 4.42 | Discontinued operations | | | (0.16) | | | 1.15 | | | 1.86 | Total | | $ | 1.82 | | $ | 6.41 | | $ | 6.28 | | | | | | | | | | |
Weighted-average stock options to purchase 814,976 common shares in 2022, 980,505 common shares in 2021 and 1,417,665 common shares in 2020 were outstanding, but were not included in the computation of diluted earnings per share because the exercise price of the options was greater than the average market price of the common shares for the full year, and therefore, the effect would have been antidilutive.
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