Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(Dollars in millions, except share data)
Net income applicable to common shareholders	$	73	$	152	$	186	$	448
Weighted Average Shares
Weighted average common shares outstanding	53,330,518		52,862,288		53,273,743		52,767,923
Effect of dilutive securities
Stock-based awards	279,748		797,134		300,947		731,366
Weighted average diluted common shares	53,610,266		53,659,422		53,574,690		53,499,289
Earnings per common share
Basic earnings per common share	$	1.36	$	2.87	$	3.49	$	8.48
Effect of dilutive securities
Stock-based awards	(0.01)		(0.04)		(0.02)		(0.11)
Diluted earnings per common share	$	1.35	$	2.83	$	3.47	$	8.37