Earnings per Share

12 Months Ended

Dec. 31, 2019

NOTE 16—EARNINGS PER SHARE

Net income available to common shareholders, or net income less preferred stock dividends, represents the numerator used in the computation of basic and diluted earnings per common share. The denominators used in the computation of basic and diluted earnings per common share are basic and diluted weighted average common shares outstanding, respectively.

Basic weighted average common shares outstanding were 237.4 million, 260.6 million and 273.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The difference between basic and diluted weighted average common shares outstanding includes the weighted-average dilutive impact of securities, including restricted stock units and awards, dividend equivalent units, employee stock purchase plan shares and stock options, as well as the weighted-average dilutive impact of convertible debentures. This activity represented 0.5 million, 1.1 million and 1.2 million shares for the years ended December 31, 2019, 2018 and 2017, respectively. This resulted in diluted weighted average common shares outstanding of 237.9 million, 261.7 million and 274.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. The amount of certain restricted stock and options excluded from the calculations of diluted earnings per common share due to the anti-dilutive effect was not material for the years ended December 31, 2019, 2018 and 2017.