Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021. 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)		2023		2022		2021
Income from continuing operations, net of tax		$	4,887	$	7,360	$	12,394
Income (loss) from discontinued operations, net of tax		0		0		(4)
Net income		4,887		7,360		12,390
Dividends and undistributed earnings allocated to participating securities		(77)		(88)		(105)
Preferred stock dividends		(228)		(228)		(274)
Issuance cost for redeemed preferred stock		0		0		(46)
Net income available to common stockholders		$	4,582	$	7,044	$	11,965

Total weighted-average basic common shares outstanding		382.4		391.8		442.5
Effect of dilutive securities:(1)
Stock options		0.1		0.3		0.7
Other contingently issuable shares		0.9		1.1		1.0
Total effect of dilutive securities		1.0		1.4		1.7
Total weighted-average diluted common shares outstanding		383.4		393.2		444.2
Basic earnings per common share:
Net income from continuing operations		$	11.98	$	17.98	$	27.05
Income (loss) from discontinued operations		0.00		0.00		(0.01)
Net income per basic common share		$	11.98	$	17.98	$	27.04
Diluted earnings per common share:(1)
Net income from continuing operations		$	11.95	$	17.91	$	26.95
Income (loss) from discontinued operations		0.00		0.00		(0.01)
Net income per diluted common share		$	11.95	$	17.91	$	26.94

__________

(1)Excluded from the computation of diluted earnings per share were awards of 27 thousand shares, 24 thousand shares and 26 thousand shares for the years ended December 31, 2023, 2022 and 2021, respectively, because their inclusion would be anti-dilutive. There were no options excluded from the computation for the years ended December 31, 2023, 2022 and 2021.