EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

NOTE 15 - EARNINGS PER SHARE

Basic EPS is the amount of earnings, adjusted for preferred stock dividends and the impact of issuance costs associated with preferred stock redemptions, available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares, which include incremental shares issued for share-based payment awards. Potentially dilutive common shares are excluded from the computation of diluted EPS in periods in which the effect would be antidilutive.

The following table presents the calculation of basic and diluted EPS:


	Three Months Ended September 30,		Nine Months Ended September 30,
(dollars in millions, except per share data)	2025	2024	2025	2024
Numerator (basic and diluted):
Net income	$494	$382	$1,303	$1,108
Less: Preferred stock dividends	32	38	99	103
Less: Impact of preferred stock redemption	5	—	5	—
Net income available to common stockholders	$457	$344	$1,199	$1,005
Denominator:
Weighted-average common shares outstanding - basic	431,365,552	446,561,996	434,416,696	453,993,833
Dilutive common shares: share-based awards	4,106,798	3,351,471	3,498,900	2,467,497
Weighted-average common shares outstanding - diluted	435,472,350	449,913,467	437,915,596	456,461,330
Earnings per common share:
Basic	$1.06	$0.77	$2.76	$2.21
Diluted(1)	1.05	0.77	2.74	2.20

(1) Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 3,454 and 141,698 for the three months ended September 30, 2025 and 2024, respectively, and 16,910 and 409,167 for the nine months ended September 30, 2025 and 2024, respectively.