The table below shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations. | | | | | | | | | | | | | | | | | | | | | | | | | | | Quarter ended March 31, | | (in millions, except per share amounts) | | 2012 | 2011 | | Wells Fargo net income | $ | 4,248 | 3,759 | | Less: | Preferred stock dividends and other (1) | | 226 | 189 | | Wells Fargo net income applicable to common stock (numerator) | $ | 4,022 | 3,570 | | Earnings per common share | | | | | Average common shares outstanding (denominator) | | 5,282.6 | 5,278.8 | | Per share | $ | 0.76 | 0.68 | | Diluted earnings per common share | | | | | Average common shares outstanding | | 5,282.6 | 5,278.8 | | Add: | Stock options | | 24.9 | 37.8 | | | | Restricted share rights | | 30.3 | 16.5 | | Diluted average common shares outstanding (denominator) | | 5,337.8 | 5,333.1 | | Per share | $ | 0.75 | 0.67 | | | | | | | | | | |
- Includes $219 million and $184 million of preferred stock dividends for first quarter 2012 and 2011, respectively.
The following table presents the outstanding options and warrants to purchase shares of common stock that were anti-dilutive (the exercise price was higher than the weighted-average market price), and therefore not included in the calculation of diluted earnings per common share. | | | | | | | | | | Weighted-average shares | | | Quarter ended March 31, | | (in millions) | 2012 | 2011 | | Options | 135.5 | 69.0 | | Warrants | 39.2 | 39.4 | | | | |
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