Earnings Per Common Share

Basic and diluted earnings per common share for the three and six months ended June 30, 2017 and 2016 were calculated as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
	2017			2016		2017		2016
	(Dollars in millions, except per share amounts, shares in thousands)
Income (Numerator):
Net income	$	17		196		180		432
Earnings applicable to non-vested restricted stock	—			—		—		—
Net income applicable to common stock for computing basic earnings per common share	17			196		180		432
Net income as adjusted for purposes of computing diluted earnings per common share	$	17		196		180		432
Shares (Denominator):
Weighted-average number of shares:
Outstanding during period	549,100			545,988		548,359		545,417
Non-vested restricted stock	(7,739		)	(6,361	)	(7,450	)	(6,204	)
Weighted-average shares outstanding for computing basic earnings per common share	541,361			539,627		540,909		539,213
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10			10		10		10
Shares issuable under incentive compensation plans	780			738		917		1,058
Number of shares as adjusted for purposes of computing diluted earnings per common share	542,151			540,375		541,836		540,281
Basic earnings per common share	$	0.03		0.36		0.33		0.80
Diluted earnings per common share	$	0.03		0.36		0.33		0.80

Our calculation of diluted earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares averaged 3.1 million and 4.1 million for the three months ended June 30, 2017 and 2016, respectively, and averaged 3.7 million and 3.6 million for the six months ended June 30, 2017 and 2016, respectively.