Net Earnings Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

NET EARNINGS PER COMMON SHARE

NET EARNINGS PER COMMON SHARE

Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except shares and per share amounts)	2021		2020		2021		2020
Basic:
Net income	$	240	$	175	$	916	$	255
Less common and preferred dividends	68		64		197		193
Less impact from redemption of preferred stock	—		—		3		—
Undistributed earnings	172		111		716		62
Less undistributed earnings applicable to nonvested shares	1		1		6		1
Undistributed earnings applicable to common shares	171		110		710		61
Distributed earnings applicable to common shares	61		56		172		168
Total earnings applicable to common shares	$	232	$	166	$	882	$	229
Weighted average common shares outstanding (in thousands)	160,221		163,608		162,159		163,764
Net earnings per common share	$	1.45	$	1.01	$	5.44	$	1.40
Diluted:
Total earnings applicable to common shares	$	232	$	166	$	882	$	229
Weighted average common shares outstanding (in thousands)	160,221		163,608		162,159		163,764
Dilutive effect of common stock warrants (in thousands)	—		—		—		2,027
Dilutive effect of stock options (in thousands)	259		171		301		238
Weighted average diluted common shares outstanding (in thousands)	160,480		163,779		162,460		166,029
Net earnings per common share	$	1.45	$	1.01	$	5.43	$	1.38

The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2021	2020	2021	2020
Restricted stock and restricted stock units	1,358	1,316	1,382	1,347
Stock options	294	923	227	878