Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
(Dollars and shares in millions, except per share data)	2023		2022		2023		2022
Net income	$	1,431	$	2,031	$	2,391	$	4,434
Dividends and undistributed earnings allocated to participating securities	(23)		(25)		(39)		(53)
Preferred stock dividends	(57)		(57)		(114)		(114)
Net income available to common stockholders	$	1,351	$	1,949	$	2,238	$	4,267
Total weighted-average basic common shares outstanding	382.8		391.2		382.7		400.8
Effect of dilutive securities:(1)
Stock options	0.1		0.4		0.1		0.4
Other contingently issuable shares	0.8		1.0		1.0		1.1
Total effect of dilutive securities	0.9		1.4		1.1		1.5
Total weighted-average diluted common shares outstanding	383.7		392.6		383.8		402.3
Basic earnings per common share:
Net income per basic common share	$	3.53	$	4.98	$	5.85	$	10.65
Diluted earnings per common share:(1)
Net income per diluted common share	$	3.52	$	4.96	$	5.83	$	10.61

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(1)There were no awards excluded from the computation of diluted earnings per share for the three months ended June 30, 2023. Excluded from the computation of diluted earnings per share were awards of 20 thousand shares for the six months ended June 30, 2023, because their inclusion would be anti-dilutive. For the three and six months ended June 30, 2022, awards of 37 thousand shares and 19 thousand shares were excluded from the computation of diluted earnings per share. There were no anti-dilutive stock options for the three months and six months ended June, 30, 2023 or the three months and six months ended June 30, 2022.