Loss Per Common Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Loss Per Common Share

Note 13—Loss Per Common Share

Basic and diluted loss per common share for the years ended December 31, 2024, 2023 and 2022 were calculated as follows:

	Years Ended December 31,
	2024		2023	2022
	(Dollars in millions, except per share amounts, shares in thousands)
Loss (numerator)
Net loss	$	(55)	(10,298)	(1,548)
Net loss applicable to common stock for computing basic loss per common share	(55)		(10,298)	(1,548)
Net loss as adjusted for purposes of computing diluted loss per common share	$	(55)	(10,298)	(1,548)
Shares (denominator):
Weighted-average number of shares:
Outstanding during period	1,014,554		1,006,787	1,028,069
Non-vested restricted stock	(26,874)		(23,706)	(20,552)
Weighted average shares outstanding for computing basic loss per common share	987,680		983,081	1,007,517
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	—		—	—
Shares issuable under incentive compensation plans	—		—	—
Number of shares as adjusted for purposes of computing diluted loss per common share	987,680		983,081	1,007,517
Basic loss per common share	$	(0.06)	(10.48)	(1.54)
Diluted loss per common share(1)	$	(0.06)	(10.48)	(1.54)

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(1)For the years ended December 31, 2024, December 31, 2023, and December 31, 2022, we excluded from the calculation of diluted loss per share 7.3 million shares, 0.3 million shares and 3.8 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive due to our net loss position.

Our calculation of diluted loss per common share excludes non-vested restricted stock awards that are anti-dilutive based upon the terms of the award and due to the lower stock price resulting in more assumed repurchases and greater antidilution. Such shares were 16.0 million, 22.5 million and 13.8 million for 2024, 2023 and 2022, respectively.