| Earnings per common share |
9. Earnings per common share The computations of basic earnings per common share follow: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (Dollars in millions, except per share, shares in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Income available to common shareholders: | | | | | | | | | Net income | $ | 716 | | | $ | 655 | | | $ | 1,300 | | | $ | 1,186 | | | Less: Preferred stock dividends | (35) | | | (27) | | | (71) | | | (52) | | | Net income available to common equity | 681 | | | 628 | | | 1,229 | | | 1,134 | | | Less: Income attributable to unvested stock-based compensation awards | (2) | | | (2) | | | (3) | | | (3) | | | Net income available to common shareholders | $ | 679 | | | $ | 626 | | | $ | 1,226 | | | $ | 1,131 | | | Weighted-average shares outstanding: | | | | | | | | | Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 159,559 | | | 167,282 | | | 162,025 | | | 167,010 | | Less: Unvested stock-based compensation awards | (338) | | | (331) | | | (324) | | | (305) | | Weighted-average shares outstanding | 159,221 | | | 166,951 | | | 161,701 | | 166,705 | | | | | | | | | | Basic earnings per common share | $ | 4.26 | | | $ | 3.75 | | | $ | 7.58 | | | $ | 6.79 | |
The computations of diluted earnings per common share follow: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | (Dollars in millions, except per share, shares in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | Net income available to common equity | $ | 681 | | | $ | 628 | | | $ | 1,229 | | | $ | 1,134 | | | Less: Income attributable to unvested stock-based compensation awards | (2) | | | (2) | | | (3) | | | (3) | | | Net income available to common shareholders | $ | 679 | | | $ | 626 | | | $ | 1,226 | | | $ | 1,131 | | | Adjusted weighted-average shares outstanding: | | | | | | | | | Common shares outstanding (including common stock issuable) and unvested stock-based compensation awards | 159,559 | | | 167,282 | | | 162,025 | | | 167,010 | | Less: Unvested stock-based compensation awards | (338) | | | (331) | | | (324) | | | (305) | | Plus: Incremental shares from assumed conversion of stock-based compensation awards | 784 | | | 708 | | | 810 | | | 667 | | Adjusted weighted-average shares outstanding | 160,005 | | | 167,659 | | | 162,511 | | 167,372 | | | | | | | | | | Diluted earnings per common share | $ | 4.24 | | | $ | 3.73 | | | $ | 7.55 | | | $ | 6.76 | |
Stock-based compensation awards to purchase common stock of M&T representing common shares of 174,988 and 160,306 during the three-month and six-month periods ended June 30, 2025, respectively, and common shares of 1,213,284 and 1,270,737 during the three-month and six-month periods ended June 30, 2024, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.
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