The following table presents the calculation of basic and diluted earnings per share ("EPS") (in millions, except per share amounts): |
| | | | | | | |
| For the Three Months Ended March 31, |
| 2015 | | 2014 |
Numerator: | | | |
Net income | $ | 586 |
| | $ | 631 |
|
Preferred stock dividends | (9 | ) | | (9 | ) |
Net income available to common stockholders | 577 |
| | 622 |
|
Income allocated to participating securities | (4 | ) | | (4 | ) |
Net income allocated to common stockholders | $ | 573 |
| | $ | 618 |
|
Denominator: | | | |
Weighted-average shares of common stock outstanding | 448 |
| | 471 |
|
Effect of dilutive common stock equivalents | — |
| | 1 |
|
Weighted-average shares of common stock outstanding and common stock equivalents | 448 |
| | 472 |
|
Basic earnings per common share | $ | 1.28 |
| | $ | 1.31 |
|
Diluted earnings per common share | $ | 1.28 |
| | $ | 1.31 |
|
| | | |