Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

NOTE 11—EARNINGS PER COMMON SHARE

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

Table 11.1: Computation of Basic and Diluted Earnings per Common Share

	Three Months Ended March 31,
(Dollars and shares in millions, except per share data)	2025		2024
Net income	$	1,404	$	1,280
Dividends and undistributed earnings allocated to participating securities	(22)		(23)
Preferred stock dividends	(57)		(57)
Net income available to common stockholders	$	1,325	$	1,200
Total weighted-average basic common shares outstanding	383.1		382.2
Effect of dilutive securities:(1)
Stock options	0.2		0.2
Other contingently issuable shares	0.7		1.0
Total effect of dilutive securities	0.9		1.2
Total weighted-average diluted common shares outstanding	384.0		383.4
Basic earnings per common share:
Net income per basic common share	$	3.46	$	3.14
Diluted earnings per common share:(1)
Net income per diluted common share	$	3.45	$	3.13

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(1)There were no options or awards excluded from the computation for the three months ended March 31, 2025. Excluded from the computation of diluted earnings per share were awards of 128 thousand shares for the three months ended March 31, 2024, because their inclusion would be anti-dilutive. There were no options excluded from the computation for the three months ended March 31, 2024.