Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Basic and diluted (loss) earnings per common share for the three and six months ended June 30, 2023 and 2022 were calculated as follows:


	Three Months Ended June 30,			Six Months Ended June 30,
	2023		2022	2023	2022
	(Dollars in millions, except per share amounts, shares in thousands)
(Loss) Income (numerator)
Net (loss) income	$	(8,736)	344	(8,225)	943
Net (loss) income applicable to common stock for computing basic (loss) earnings per common share	(8,736)		344	(8,225)	943
Net (loss) income as adjusted for purposes of computing diluted (loss) earnings per common share	$	(8,736)	344	(8,225)	943
Shares (denominator):
Weighted-average number of shares:
Outstanding during period	1,006,229		1,033,060	1,004,948	1,030,138
Non-vested restricted stock	(22,776)		(20,117)	(22,443)	(19,452)
Weighted average shares outstanding for computing basic (loss) earnings per common share	983,453		1,012,943	982,505	1,010,686
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	—		10	—	10
Shares issuable under incentive compensation plans	—		3,667	—	5,221
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share	983,453		1,016,620	982,505	1,015,917
Basic (loss) earnings per common share	$	(8.88)	0.34	(8.37)	0.93
Diluted (loss) earnings per common share(1)	$	(8.88)	0.34	(8.37)	0.93

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(1)For the three and six months ended June 30, 2023, we excluded from the calculation of diluted loss per share, less than 1 million shares, potentially issuable under incentive compensations plans or convertible securities, as their effect, if included, would have been anti-dilutive.

Our calculation of diluted (loss) earnings per common share excludes unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 21.0 million and 10.1 million for the three months ended June 30, 2023 and 2022, respectively, and 21.1 million and 9.2 million for the six months ended June 30, 2023 and 2022, respectively.