Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Note 6 – Earnings Per ShareBasic and diluted earnings per share were computed as follows:

	Three Months Ended
	March 31, 2023						March 31, 2022
(Shares in thousands, dollars in millions, except per share amounts)	Basic		Effect of Dilution		Diluted		Basic		Effect of Dilution		Diluted
Shareholders' net income	$	1,267			$	1,267	$	1,197			$	1,197
Shares:
Weighted average	295,706				295,706		318,487				318,487
Common stock equivalents			3,293		3,293				2,795		2,795
Total shares	295,706		3,293		298,999		318,487		2,795		321,282
Earnings per share	$	4.28	$	(0.04)	$	4.24	$	3.76	$	(0.03)	$	3.73

Amounts reflected above for the three months ended March 31, 2022 have been restated to reflect the impact of adopting amended accounting guidance for long-duration insurance contracts (discussed in Note 2 to the Consolidated Financial Statements).

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive:

	Three Months Ended March 31,
(In millions)	2023	2022
Anti-dilutive options	0.9	2.8

The Company held approximately 102.7 million shares of common stock in treasury at March 31, 2023, 99.1 million shares as of December 31, 2022 and 77.3 million shares as of March 31, 2022.