We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material.

During the March 2026 quarter, the remaining 1.9 million warrants related to the Payroll Support Program were exercised and settled in a net share settlement. No warrants are outstanding as of June 30, 2026.


Basic and diluted earnings per share
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2026		2025		2026		2025
Net income	$	1,604	$	2,130	$	1,315	$	2,370

Basic weighted average shares outstanding	654		649		653		647
Dilutive effect of share-based instruments	4		3		4		5
Diluted weighted average shares outstanding	658		652		657		652

Basic earnings per share	$	2.45	$	3.28	$	2.01	$	3.66
Diluted earnings per share	$	2.44	$	3.27	$	2.00	$	3.63