Earnings Per Share of Common Stock

3 Months Ended

Mar. 31, 2022

Earnings Per Share of Common Stock

Earnings Per Share of Common Stock

7. Earnings Per Share of Common Stock:

The following table provides the computation of basic and diluted earnings per share of common stock for the three months ended March 31, 2022 and 2021.

(Dollars in millions except per share amounts)
For the three months ended March 31:	2022		2021
Number of shares on which basic earnings per share is calculated:
Weighted-average shares outstanding during period		899,316,026		893,630,916
Add — Incremental shares under stock-based compensation plans		8,375,246		6,622,441
Add — Incremental shares associated with contingently issuable shares		1,534,864		1,492,709
Number of shares on which diluted earnings per share is calculated		909,226,136		901,746,065
Income from continuing operations	$	662	$	403
Income from discontinued operations, net of tax		71		552
Net income on which basic earnings per share is calculated	$	733	$	955
Income from continuing operations	$	662	$	403
Net income applicable to contingently issuable shares		—		—
Income from continuing operations on which diluted earnings per share is calculated	$	662	$	403
Income from discontinued operations, net of tax, on which basic and diluted earnings per share is calculated		71		552
Net income on which diluted earnings per share is calculated	$	733	$	955
Earnings/(loss) per share of common stock:
Assuming dilution
Continuing operations	$	0.73	$	0.45
Discontinued operations		0.08		0.61
Total	$	0.81	$	1.06
Basic
Continuing operations	$	0.74	$	0.45
Discontinued operations		0.08		0.62
Total	$	0.82	$	1.07

Stock options to purchase 1,163,321 shares and 1,510,886 shares were outstanding as of March 31, 2022 and 2021, respectively, but were not included in the computation of diluted earnings per share because the exercise price of the options during the respective period was greater than the average market price of the common shares, and, therefore, the effect would have been antidilutive.