Earnings Per Common Share

6 Months Ended

Jun. 30, 2021

Note 21.

Earnings Per Common Share

Basic earnings per common share (EPS) is calculated by dividing net earnings to common by the weighted average number of common shares outstanding and RSUs for which the delivery of the underlying common stock is not subject to satisfaction of future service or performance conditions (collectively, basic shares). Diluted EPS includes the determinants of basic EPS and, in addition, reflects the dilutive effect of the common stock deliverable for RSUs for which the delivery of the underlying common stock is subject to satisfaction of future service or performance conditions.

The table below presents information about basic and diluted EPS.



	Three Months Ended June			Six Months Ended June

in millions, except per share amounts		2021	2020		2021	2020
Net earnings to common		$5,347	$ 197		$12,058	$1,320
Weighted average basic shares		350.8	355.7		353.6	356.8
Effect of dilutive RSUs		5.2	–		4.8	–
Weighted average diluted shares		356.0	355.7		358.4	356.8
Basic EPS		$15.22	$ 0.53		$ 34.06	$ 3.66
Diluted EPS		$15.02	$ 0.53		$ 33.64	$ 3.66

In the table above:

•

Net earnings to common represents net earnings applicable to common shareholders, which is calculated as net earnings less preferred stock dividends.

•

Unvested share-based awards that have

non-forfeitable

rights to dividends or dividend equivalents are treated as a separate class of securities under the

two-class

method. Distributed earnings allocated to these securities reduce net earnings to common to calculate EPS under this method. The impact of applying this methodology was a reduction in basic EPS of $0.02 for the three months ended June 2021 and $0.04 for the six months ended June 2021, and a reduction in basic and diluted EPS of $0.02 for the three months ended June 2020 and $0.04 for the six months ended June 2020.

•

Diluted EPS does not include antidilutive RSUs of approximately 0.1 million for both the three and six months ended June 2021, and 7.5 million for both the three and six months ended June 2020.