Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

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 for the years ended December 31, 2022, 2021 and 2020. Dividends and undistributed earnings allocated to participating securities represent the application of the “two-class” method as described in “Note 1—Summary of Significant Accounting Policies.”

Table 12.1: Computation of Basic and Diluted Earnings per Common Share


	Year Ended December 31,
(Dollars and shares in millions, except per share data)		2022		2021		2020
Income from continuing operations, net of tax		$	7,360	$	12,394	$	2,717
Income (loss) from discontinued operations, net of tax		0		(4)		(3)
Net income		7,360		12,390		2,714
Dividends and undistributed earnings allocated to participating securities		(88)		(105)		(20)
Preferred stock dividends		(228)		(274)		(280)
Issuance cost for redeemed preferred stock		0		(46)		(39)
Net income available to common stockholders		$	7,044	$	11,965	$	2,375

Total weighted-average basic common shares outstanding		391.8		442.5		457.8
Effect of dilutive securities:(1)
Stock options		0.3		0.7		0.6
Other contingently issuable shares		1.1		1.0		0.5
Total effect of dilutive securities		1.4		1.7		1.1
Total weighted-average diluted common shares outstanding		393.2		444.2		458.9
Basic earnings per common share:
Net income from continuing operations		$	17.98	$	27.05	$	5.20
Income (loss) from discontinued operations		0.00		(0.01)		(0.01)
Net income per basic common share		$	17.98	$	27.04	$	5.19
Diluted earnings per common share:(1)
Net income from continuing operations		$	17.91	$	26.95	$	5.19
Income (loss) from discontinued operations		0.00		(0.01)		(0.01)
Net income per diluted common share		$	17.91	$	26.94	$	5.18

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(1)Excluded from the computation of diluted earnings per share were awards of 24 thousand shares and awards of 26 thousand shares for the years ended December 31, 2022 and 2021, respectively, awards of 6 thousand shares and options of 523 thousand with an exercise price ranging from $63.73 to $86.34 for the year ended December 31, 2020, because their inclusion would be anti-dilutive. There were no anti-dilutive stock options for the years ended December 31, 2022 and 2021.