Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Basic and Diluted Earnings Per Common Share

Basic and diluted earnings (loss) per common share were calculated as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2020		2019	2020	2019
	(Dollars in millions, except per share amounts, shares in thousands)
Income (Loss) (Numerator):
Net income (loss)	$	366	302	1,057	(5,492)
Net income (loss) applicable to common stock for computing basic earnings per common share	366		302	1,057	(5,492)
Net income (loss) as adjusted for purposes of computing diluted earnings per common share	$	366	302	1,057	(5,492)
Shares (Denominator):
Weighted-average number of shares:
Outstanding during period	1,097,496		1,090,755	1,096,017	1,088,229
Non-vested restricted stock	(16,991)		(18,212)	(17,345)	(17,308)
Weighted-average shares outstanding for computing basic earnings per common share	1,080,505		1,072,543	1,078,672	1,070,921
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10		10	10	—
Shares issuable under incentive compensation plans	5,151		2,237	4,686	—
Number of shares as adjusted for purposes of computing diluted earnings (loss) per common share	1,085,666		1,074,790	1,083,368	1,070,921
Basic earnings (loss) per common share	$	0.34	0.28	0.98	(5.13)
Diluted earnings (loss) per common share (1)	$	0.34	0.28	0.98	(5.13)

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(1)For the nine months ended September 30, 2019, we excluded from the calculation of diluted loss per share 2.3 million shares, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive.