(Loss) Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Note 7—(Loss) Earnings Per Common Share

Basic and diluted (loss) earnings per common share for the three months ended March 31, 2025 and 2024 were calculated as follows:


	Three Months Ended March 31,
		2025		2024
		(Dollars in millions, except per share amounts, shares in thousands)
(Loss) Income (numerator)
Net (loss) income		$	(201)	57
Net (loss) income applicable to common stock for computing basic (loss) earnings per common share		(201)		57
Net (loss) income as adjusted for purposes of computing diluted (loss) earnings per common share		$	(201)	57
Shares (denominator):
Weighted-average number of shares:
Outstanding during period		1,018,252		1,011,350
Non-vested restricted stock		(26,983)		(26,495)
Weighted average shares outstanding for computing basic (loss) earnings per common share		991,269		984,855
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities		—		10
Shares issuable under incentive compensation plans		—		1,397
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share		991,269		986,262
Basic (loss) earnings per common share		$	(0.20)	0.06
Diluted (loss) earnings per common share(1)		$	(0.20)	0.06

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(1)For the three months ended March 31, 2025, we excluded from the calculation of diluted loss per share 12 million shares, 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) earnings per common share excludes non-vested restricted stock awards that are anti-dilutive based upon the terms of the award. Such shares were 13.5 million and 20.2 million for the three months ended March 31, 2025 and 2024, respectively.