Note 8 - Earnings Per Share

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

8. Earnings Per Share

The following table provides a reconciliation between basic and diluted earnings per share for the years ended December 31:

Millions, Except Per Share Amounts		*2022*				2021				2020
Net income		$	6,998			$	6,523			$	5,349
Weighted-average number of shares outstanding:
Basic			622.7				653.8				677.3
Dilutive effect of stock options			0.6				0.8				0.8
Dilutive effect of retention shares and units			0.7				0.8				1.0
Diluted			624.0				655.4				679.1
Earnings per share – basic		$	11.24			$	9.98			$	7.90
Earnings per share – diluted		$	11.21			$	9.95			$	7.88

Common stock options totaling 0.3 million, 0.2 million, and 0.3 million for 2022, 2021, and 2020, respectively, were excluded from the computation of diluted earnings per share because the exercise prices of these stock options exceeded the average market price of our common stock for the respective periods, and the effect of their inclusion would be anti-dilutive.