Income and Dividends per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Income and Dividends per Common Share

Income and Dividends per Common Share

Basic income per share is based on the weighted average number of common shares outstanding. Diluted income per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 1 million of antidilutive stock options for the three and six months ended June 30, 2023 and 2 million of antidilutive stock options for the three and six months ended June 30, 2022, respectively.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2023		2022		2023		2022
Net income	$	287	$	966	$	704	$	2,270
Weighted average common shares outstanding	614		703		622		717
Effect of dilutive securities	1		2		1		2
Weighted average common shares, diluted	615		705		623		719
Net income per share:
Basic	$	0.47	$	1.37	$	1.13	$	3.17
Diluted	$	0.47	$	1.37	$	1.13	$	3.16
Dividends per share	$	0.10	$	0.08	$	0.20	$	0.15