Earnings Per Share

6 Months Ended

Jun. 30, 2022

Basic earnings per share, excluding dilution, is computed by dividing earnings applicable to common shareholders 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(Dollars in millions, except share data)
Net income applicable to common shareholders	$	60	$	147	$	113	$	296
Weighted Average Shares
Weighted average common shares outstanding	53,269,631		52,763,868		53,244,886		52,719,959
Effect of dilutive securities
Stock-based awards	265,817		772,801		311,721		697,937
Weighted average diluted common shares	53,535,448		53,536,669		53,556,607		53,417,896
Earnings per common share
Basic earnings per common share	$	1.13	$	2.78	$	2.12	$	5.61
Effect of dilutive securities
Stock-based awards	(0.01)		(0.04)		(0.01)		(0.07)
Diluted earnings per common share	$	1.12	$	2.74	$	2.11	$	5.54