Earnings Per Share

12 Months Ended

Dec. 31, 2021

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:

Table 8.16.1

NET INCOME & COMMON SHARE RECONCILIATIONS


(Dollars in millions, except per share data; shares in thousands)	2021		2020		2019
Net income	$	1,010	$	857	$	452
Net income attributable to noncontrolling interest	11		12		11
Net income attributable to controlling interest	999		845		441
Preferred stock dividends	37		23		6
Net income available to common shareholders	$	962	$	822	$	435

Weighted average common shares outstanding—basic	546,354		432,125		313,637
Effect of dilutive securities	4,887		1,592		2,020
Weighted average common shares outstanding—diluted	551,241		433,717		315,657

Basic earnings per common share	$	1.76	$	1.90	$	1.39
Diluted earnings per common share	$	1.74	$	1.89	$	1.38

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:

Table 8.16.2

ANTI-DILUTIVE EQUITY AWARDS


(Shares in thousands)	2021		2020		2019
Stock options excluded from the calculation of diluted EPS	1,366		4,595		2,359
Weighted average exercise price of stock options excluded from the calculation of diluted EPS	$	20.44	$	17.47	$	21.12
Other equity awards excluded from the calculation of diluted EPS	1,531		3,639		2,224