Earnings Per Share

3 Months Ended

Mar. 31, 2022

Basic earnings per share, excluding dilution, is computed by dividing earnings applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock:


	Three Months Ended March 31,
	2022		2021
	(Dollars in millions, except share data)
Net income applicable to common shareholders	$	53	$	149
Weighted Average Shares
Weighted average common shares outstanding	53,219,866		52,675,562
Effect of dilutive securities
Stock-based awards	358,135		622,241
Weighted average diluted common shares	$	53,578,001	$	53,297,803
Earnings per common share
Basic earnings per common share	$	0.99	$	2.83
Effect of dilutive securities
Stock-based awards	—		(0.03)
Diluted earnings per common share	$	0.99	$	2.80