Net Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted 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 June 30,				Six Months Ended June 30,
(In millions, except shares and per share amounts)	2024		2023		2024		2023
Basic:
Net income	$	201	$	175	$	354	$	379
Less common and preferred dividends	72		70		143		138
Undistributed earnings	129		105		211		241
Less undistributed earnings applicable to nonvested shares	1		1		2		2
Undistributed earnings applicable to common shares	128		104		209		239
Distributed earnings applicable to common shares	61		61		121		121
Total earnings applicable to common shares	$	189	$	165	$	330	$	360
Weighted average common shares outstanding (in thousands)	147,115		147,692		147,227		147,852
Net earnings per common share	$	1.28	$	1.11	$	2.24	$	2.44
Diluted:
Total earnings applicable to common shares	$	189	$	165	$	330	$	360
Weighted average common shares outstanding (in thousands)	147,115		147,692		147,227		147,852
Dilutive effect of stock options (in thousands)	5		4		4		13
Weighted average diluted common shares outstanding (in thousands)	147,120		147,696		147,231		147,865
Net earnings per common share	$	1.28	$	1.11	$	2.24	$	2.44

Schedule of Anti-Dilutive Stock Awards

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 June 30,		Six Months Ended June 30,
(In thousands)	2024	2023	2024	2023
Restricted stock and restricted stock units	1,715	1,421	1,629	1,378
Stock options	1,334	1,449	1,356	1,381