Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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 March 31,
(Dollars and shares in millions, except per share data)	2023		2022
Net income	$	960	$	2,403
Dividends and undistributed earnings allocated to participating securities	(16)		(28)
Preferred stock dividends	(57)		(57)
Net income available to common stockholders	$	887	$	2,318
Total weighted-average basic common shares outstanding	382.6		410.4
Effect of dilutive securities:(1)
Stock options	0.1		0.5
Other contingently issuable shares	1.1		1.3
Total effect of dilutive securities	1.2		1.8
Total weighted-average diluted common shares outstanding	383.8		412.2
Basic earnings per common share:
Net income per basic common share	$	2.32	$	5.65
Diluted earnings per common share:(1)
Net income per diluted common share	$	2.31	$	5.62

__________

(1)Excluded from the computation of diluted earnings per share were awards of 40 thousand shares and no awards for the three months ended March 31, 2023 and 2022, respectively, because their inclusion would be anti-dilutive. There were no anti-dilutive stock options for the three months ended March 31, 2023 or 2022.