Earnings Per Share

12 Months Ended

Dec. 31, 2020

The following table provides reconciliations of net income to net income available to common shareholders and the difference between average basic common shares outstanding and average diluted common shares outstanding:


(Dollars in millions, except per share data, shares in thousands)	2020		2019		2018
Net income	$	857	$	452	$	557
Net income attributable to noncontrolling interest	12		11		12
Net income attributable to controlling interest	845		441		545
Preferred stock dividends	23		6		6
Net income available to common shareholders	$	822	$	435	$	539

Weighted average common shares outstanding—basic	432,125		313,637		324,375
Effect of dilutive securities	1,829		2,020		3,070
Weighted average common shares outstanding—diluted	433,954		315,657		327,445

Basic earnings per common share	$	1.90	$	1.39	$	1.66
Diluted earnings per common share	$	1.89	$	1.38	$	1.65

The following table presents outstanding options and other equity awards that were excluded from the calculation of diluted earnings per share because they were either anti-dilutive (the exercise price was higher than the weighted-average market price for the period) or the performance conditions have not been met:


(Shares in thousands)	2020		2019		2018
Stock options excluded from the calculation of diluted EPS	4,595		2,359		2,256
Weighted average exercise price of stock options excluded from the calculation of diluted EPS	$	17.47	$	21.12	$	24.33
Other equity awards excluded from the calculation of diluted EPS	3,639		2,224		608