Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2019

Basic And Diluted Net Income Per Common Share

Basic and diluted net income per common share are presented in the following table.



(in millions, except per share data)
Years Ended December 31	2019		2018		2017
Basic and diluted
Net income	$	1,198	$	1,235	$	743
Less: Income allocated to participating securities	7		8		5
Net income attributable to common shares	$	1,191	$	1,227	$	738

Basic average common shares	150		168		174

Basic net income per common share	$	7.95	$	7.31	$	4.23

Basic average common shares	150		168		174
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock options	1		2		3
Net effect of the assumed exercise of warrants	—		1		1
Diluted average common shares	151		171		178

Diluted net income per common share	$	7.87	$	7.20	$	4.14

Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation

The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period. There were no anti-dilutive options for the year ended December 31, 2017.




Years Ended December 31	2019	2018
Average outstanding options	542,786	193,248
Range of exercise prices	$67.53 - $95.25	$95.25