Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022 were calculated as follows:


	Three Months Ended March 31,
	2023		2022
	(Dollars in millions, except per share amounts, shares in thousands)
Income (numerator)
Net income	$	511	599
Net income applicable to common stock for computing basic earnings per common share	511		599
Net income as adjusted for purposes of computing diluted earnings per common share	$	511	599
Shares (denominator):
Weighted-average number of shares:
Outstanding during period	1,003,666		1,027,217
Non-vested restricted stock	(22,111)		(18,787)
Weighted average shares outstanding for computing basic earnings per common share	981,555		1,008,430
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10		10
Shares issuable under incentive compensation plans	718		6,775
Number of shares as adjusted for purposes of computing diluted earnings per common share	982,283		1,015,215
Basic earnings per common share	$	0.52	0.59
Diluted earnings per common share	$	0.52	0.59

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 21.2 million and 8.2 million for the three months ended March 31, 2023 and 2022, respectively.