Earnings per Common Share

12 Months Ended

Dec. 31, 2024

Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock and as-if-converted methods to reflect the potential dilution that could occur if outstanding stock awards were vested or exercised at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive.

The following is a calculation of basic and diluted net earnings per common share under the two-class method:


	Year Ended December 31,
(In millions except per share amounts)	2024		2023		2022
Income (Numerator)
Net income	$	1,121	$	1,625	$	4,065
Less: dividends attributable to participating securities	(1)		(5)		(7)
Less: redeemable preferred stock dividends	—		—		(1)
Net income available to common stockholders	$	1,120	$	1,620	$	4,057

Shares (Denominator)
Weighted average shares - Basic	742		756		796
Dilution effect of stock awards at end of period	3		4		3
Weighted average shares - Diluted	745		760		799

Earnings per share:
Basic	$	1.51	$	2.14	$	5.09
Diluted	$	1.50	$	2.13	$	5.08

The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect:


	Year Ended December 31,
(In millions)	2024	2023	2022

Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method	1	1	1