PNC FINANCIAL SERVICES GROUP INC
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
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Basic and Diluted Earnings Per Common Share
Table 63: Basic and Diluted Earnings Per Common Share
| In millions, except per share data · 2024 · 2023 | |||
|---|---|---|---|
| Basic | |||
| Net income | $1,344 | $1,694 | |
| Less: | |||
| Net income attributable to noncontrolling interests | 14 | 17 | |
| Preferred stock dividends | 81 | 68 | |
| Preferred stock discount accretion and redemptions | 2 | 2 | |
| Net income attributable to common shareholders | 1,247 | 1,607 | |
| Less: Dividends and undistributed earnings allocated to nonvested restricted shares | 7 | 8 | |
| Net income attributable to basic common shareholders | $1,240 | $1,599 | |
| Basic weighted-average common shares outstanding | 400 | 401 | |
| Basic earnings per common share (a) | $3.10 | $3.98 | |
| Diluted | |||
| Net income attributable to diluted common shareholders | $1,240 | $1,599 | |
| Basic weighted-average common shares outstanding | 400 | 401 | |
| Dilutive potential common shares | 1 | ||
| Diluted weighted-average common shares outstanding | 400 | 402 | |
| Diluted earnings per common share (a) | $3.10 | $3.98 | |
(a)Basic and diluted earnings per share under the two-class method are determined on net income reported on the income statement less earnings allocated to nonvested restricted shares and restricted share units with nonforfeitable dividends and dividend rights (participating securities).
68 The PNC Financial Services Group, Inc. –Form 10-Q
NOTE 11 FAIR VALUE
Fair Value Measurement
We measure certain financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability on the measurement date and is determined using an exit price in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair value hierarchy established by GAAP requires us to maximize the use of observable inputs when measuring fair value. For more information regarding the fair value hierarchy, see Note 14 Fair Value in our 2023 Form 10-K.
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