Earnings Per Share
The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
($ in millions, except per share data)202520242023
Net income available to common shareholders$2,376 2,155 2,212 
Average common shares outstanding - basic668 682 684 
Effect of dilutive stock-based awards5 
Average common shares outstanding - diluted673 687 688 
Earnings per share - basic$3.56 3.16 3.23 
Earnings per share - diluted3.53 3.14 3.22 
Anti-dilutive stock-based awards excluded from diluted shares1 

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 24, 2025
2023Feb 27, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Feb 26, 2021
2019Mar 2, 2020
2018Mar 1, 2019
2017Feb 28, 2018
2016Feb 24, 2017
2015Feb 25, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.