Bank of America announced that Berkshire Hathaway Inc. exercised its warrants to purchase 700 million shares of Bank of America common stock using the Series T preferred shares Berkshire Hathaway acquired through its investment in Bank of America in 2011. The move makes Warren Buffett's investment vehicle the largest shareholder in America's third largest bank. 

As a result, the number of Bank of America common shares outstanding has increased. However, there will be no effect on future diluted earnings per common share as this warrant exercise has been previously included in the company’s diluted earnings per share calculation.

"In 2011, we welcomed Berkshire Hathaway as a shareholder, and we appreciate their continued support now as our largest common shareholder," said Bank of America Chief Executive Officer Brian Moynihan.