EARNINGS PER SHARE

3 Months Ended

Dec. 31, 2023

The following table presents the computation of basic and diluted earnings per common share.


	Three months ended December 31,
in millions, except per share amounts	2023		2022
Income for basic earnings per common share:
Net income available to common shareholders	$	497	$	507
Less allocation of earnings and dividends to participating securities	(1)		(1)
Net income available to common shareholders after participating securities	$	496	$	506
Income for diluted earnings per common share:
Net income available to common shareholders	$	497	$	507
Less allocation of earnings and dividends to participating securities	(1)		(1)
Net income available to common shareholders after participating securities	$	496	$	506
Common shares:
Average common shares in basic computation	208.6		214.7
Dilutive effect of outstanding stock options and certain RSUs	5.2		5.7
Average common and common equivalent shares used in diluted computation	213.8		220.4
Earnings per common share:
Basic	$	2.38	$	2.36
Diluted	$	2.32	$	2.30
Stock options and certain RSUs excluded from weighted-average diluted common shares because their effect would be antidilutive	1.2		1.2

The allocation of earnings and dividends to participating securities in the preceding table represents dividends paid during the period to participating securities, consisting of RSAs and certain RSUs, plus an allocation of undistributed earnings to such participating securities. Participating securities and related dividends paid on these participating securities were insignificant for each of the three months ended December 31, 2023 and 2022. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.