| Earnings per Share under Basic and Diluted Computations |
The computations of basic and diluted EPS for common stock and nonvoting common stock for the year ended December 31, 2025 are as follows: | | | | | | | | | | | | | | | Year Ended December 31, | 2025 | | Common Stock | Nonvoting Common Stock | Consolidated Common Stock | | Basic earnings per share: | | | | | Numerator | | | | | Net income | $ | 8,830 | | $ | 22 | | $ | 8,852 | | Preferred stock dividends and other (1) | (434) | | (1) | | (435) | | | Net income available to common stockholders | $ | 8,396 | | $ | 21 | | $ | 8,417 | | | Denominator | | | | | Weighted-average common shares outstanding — basic | 1,798 | | 51 | | 1,804 | | | Basic earnings per share | $ | 4.67 | | $ | .41 | | $ | 4.67 | | | Diluted earnings per share: | | | | | Numerator | | | | | Net income available to common stockholders | $ | 8,396 | | $ | 21 | | $ | 8,417 | | Reallocation of net income available to common stockholders as a result of
conversion of nonvoting to voting shares | 21 | | — | | — | | | Allocation of net income available to common stockholders | $ | 8,417 | | $ | 21 | | $ | 8,417 | | | Denominator | | | | | Weighted-average common shares outstanding — basic | 1,798 | | 51 | | 1,804 | | | Conversion of nonvoting shares to voting shares | 6 | | — | | — | | | Common stock equivalent shares related to stock incentive plans | 5 | | — | | 5 | | Weighted-average common shares outstanding — diluted (2) | 1,809 | | 51 | | 1,809 | | | Diluted earnings per share | $ | 4.65 | | $ | .41 | | $ | 4.65 | |
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 13 million in 2025. As of December 31, 2024 and 2023, the Company had voting and nonvoting common stock outstanding. The computations of basic and diluted EPS for the two classes for the years ended December 31, 2024 and 2023 are as follows: | | | | | | | | | | | | | | | | Year Ended December 31, | 2024 | 2023 | | Common Stock | Nonvoting Common Stock | Common Stock | Nonvoting Common Stock | | Basic earnings per share: | | | | | | Numerator | | | | | | Net income | $ | 5,777 | | $ | 165 | | $ | 4,925 | | $ | 142 | | Preferred stock dividends and other (1) | (451) | | (13) | | (406) | | (12) | | | Net income available to common stockholders | $ | 5,326 | | $ | 152 | | $ | 4,519 | | $ | 130 | | | Denominator | | | | | | Weighted-average common shares outstanding — basic | 1,777 | | 51 | | 1,773 | | 51 | | | Basic earnings per share | $ | 3.00 | | $ | 3.00 | | $ | 2.55 | | $ | 2.55 | | | Diluted earnings per share: | | | | | | Numerator | | | | | | Net income available to common stockholders | $ | 5,326 | | $ | 152 | | $ | 4,519 | | $ | 130 | | Reallocation of net income available to common stockholders as a result of
conversion of nonvoting to voting shares | 152 | | — | | 130 | | — | | | Allocation of net income available to common stockholders | $ | 5,478 | | $ | 152 | | $ | 4,649 | | $ | 130 | | | Denominator | | | | | | Weighted-average common shares outstanding — basic | 1,777 | | 51 | | 1,773 | | 51 | | | Conversion of nonvoting shares to voting shares | 51 | | — | | 51 | | — | | | Common stock equivalent shares related to stock incentive plans | 6 | | — | | 7 | | — | | Weighted-average common shares outstanding — diluted (2) | 1,834 | | 51 | | 1,831 | | 51 | | | Diluted earnings per share | $ | 2.99 | | $ | 2.99 | | $ | 2.54 | | $ | 2.54 | |
(1) Includes preferred stock dividends and undistributed earnings and dividends allocated to non-vested restricted stock units. (2) Antidilutive stock options and restricted stock units excluded from the calculation of diluted EPS totaled 18 million and 19 million in 2024 and 2023, respectively.
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