Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Basic and diluted earnings per common share for the three months ended March 31, 2022 and 2021 were calculated as follows:


	Three Months Ended March 31,
		2022		2021
		(Dollars in millions, except per share amounts, shares in thousands)
Income (Numerator)
Net income		$	599	475
Net income applicable to common stock for computing basic earnings per common share		599		475
Net income as adjusted for purposes of computing diluted earnings per common share		$	599	475
Shares (Denominator):
Weighted-average number of shares:
Outstanding during period		1,027,217		1,100,350
Non-vested restricted stock		(18,787)		(17,876)
Weighted average shares outstanding for computing basic earnings per common share		1,008,430		1,082,474
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		10		10
Shares issuable under incentive compensation plans		6,775		9,102
Number of shares as adjusted for purposes of computing diluted earnings per common share		1,015,215		1,091,586
Basic earnings per common share		$	0.59	0.44
Diluted earnings per common share		$	0.59	0.44

Our calculation of diluted earnings per common share excludes unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 8.2 million and less than 1 million for the three months ended March 31, 2022 and 2021, respectively.