(Loss) Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

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


	Three Months Ended September 30,			Nine Months Ended September 30,
	2023		2022	2023	2022
	(Dollars in millions, except per share amounts, shares in thousands)
(Loss) Income (numerator)
Net (loss) income	$	(78)	578	(8,303)	1,521
Net (loss) income applicable to common stock for computing basic (loss) earnings per common share	(78)		578	(8,303)	1,521
Net (loss) income as adjusted for purposes of computing diluted (loss) earnings per common share	$	(78)	578	(8,303)	1,521
Shares (denominator):
Weighted-average number of shares:
Outstanding during period	1,008,523		1,034,786	1,006,140	1,031,687
Non-vested restricted stock	(24,973)		(21,662)	(23,287)	(20,189)
Weighted average shares outstanding for computing basic (loss) earnings per common share	983,550		1,013,124	982,853	1,011,498
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	—		10	—	10
Shares issuable under incentive compensation plans	—		3,879	—	4,773
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share	983,550		1,017,013	982,853	1,016,281
Basic (loss) earnings per common share	$	(0.08)	0.57	(8.45)	1.50
Diluted (loss) earnings per common share(1)	$	(0.08)	0.57	(8.45)	1.50

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(1)For the three and nine months ended September 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 24.5 million and 12.9 million for the three months ended September 30, 2023 and 2022, respectively, and 22.2 million and 10.4 million for the nine months ended September 30, 2023 and 2022, respectively.