Earnings (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of basic and diluted earnings (loss) per common share

Basic and diluted earnings (loss) per common share for the years ended December 31, 2022, 2021 and 2020 were calculated as follows:


	Years Ended December 31,
	2022		2021	2020
	(Dollars in millions, except per share amounts, shares in thousands)
(Loss) income (numerator)
Net (loss) income	$	(1,548)	2,033	(1,232)
Net (loss) income applicable to common stock for computing basic (loss) earnings per common share	(1,548)		2,033	(1,232)
Net (loss) income as adjusted for purposes of computing diluted (loss) earnings per common share	$	(1,548)	2,033	(1,232)
Shares (denominator):
Weighted average number of shares:
Outstanding during period	1,028,069		1,077,393	1,096,284
Non-vested restricted stock	(20,552)		(17,852)	(17,154)
Weighted average shares outstanding for computing basic (loss) earnings per common share	1,007,517		1,059,541	1,079,130
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	—		10	—
Shares issuable under incentive compensation plans	—		7,227	—
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share	1,007,517		1,066,778	1,079,130
Basic (loss) earnings per common share	$	(1.54)	1.92	(1.14)
Diluted earnings (loss) per common share(1)	$	(1.54)	1.91	(1.14)

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(1)For the years ended December 31, 2022 and December 31, 2020, we excluded from the calculation of diluted loss per share 3.8 million and 5.3 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive.