Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Computation of Basic and Diluted Earnings Per Common Share

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

Table 10.1: Computation of Basic and Diluted Earnings per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars and shares in millions, except per share data)	2021		2020		2021		2020
Income (loss) from continuing operations, net of tax	$	3,537	$	(917)	$	6,864	$	(2,257)
Loss from discontinued operations, net of tax	(1)		(1)		(3)		(1)
Net income (loss)	3,536		(918)		6,861		(2,258)
Dividends and undistributed earnings allocated to participating securities	(30)		(1)		(58)		(4)
Preferred stock dividends	(60)		(90)		(121)		(145)
Issuance cost for redeemed preferred stock	0		0		0		(22)
Net income (loss) available to common stockholders	$	3,446	$	(1,009)	$	6,682	$	(2,429)

Total weighted-average basic common shares outstanding	450.6		456.7		454.6		457.1
Effect of dilutive securities:(1)
Stock options	0.8		0.0		0.8		0.0
Other contingently issuable shares	0.9		0.0		0.8		0.0
Total effect of dilutive securities	1.7		0.0		1.6		0.0
Total weighted-average diluted common shares outstanding	452.3		456.7		456.2		457.1
Basic earnings per common share:
Net income (loss) from continuing operations	$	7.65	$	(2.21)	$	14.70	$	(5.31)

Net income (loss) per basic common share	$	7.65	$	(2.21)	$	14.70	$	(5.31)
Diluted earnings per common share:(1)
Net income (loss) from continuing operations	$	7.62	$	(2.21)	$	14.65	$	(5.31)

Net income (loss) per diluted common share	$	7.62	$	(2.21)	$	14.65	$	(5.31)

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(1)For the three months ended June 30, 2021, no shares were excluded from the computation of diluted earnings per share. For the six months ended June 30, 2021, awards of 51 thousand shares were excluded from the computation of diluted earnings per share because their inclusion would be anti-dilutive. In periods of net loss available to common stockholders, dilutive securities are excluded as their inclusion would have an anti-dilutive effect. Accordingly, for the three and six months ended June 30, 2020, awards of 362 thousand shares and options of 2.6 million shares with an exercise price ranging from $45.75 to $86.34 and awards of 956 thousand shares and options of 2.7 million shares with an exercise price ranging from $36.55 to $86.34 were excluded from the computation of diluted earnings per share, respectively.