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Earnings Per Common Share (Tables)
 3 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
 
Three Months Ended March 31,
(Dollars in millions, except per share amounts)
2019

2018
Net income
$
508

 
$
659

Less:
 
 
 
Preferred stock dividends
(55
)
 
(55
)
Dividends and undistributed earnings allocated to participating securities(1)
(1
)
 
(1
)
Net income available to common shareholders
$
452

 
$
603

Average common shares outstanding (In thousands):
 
 
 
Basic average common shares
377,915

 
367,439

Effect of dilutive securities: equity-based awards
3,788

 
5,180

Diluted average common shares
381,703

 
372,619

Anti-dilutive securities(2)
1,951

 
—

Earnings per common share:
 
 
 
Basic
$
1.20

 
$
1.64

Diluted(3)
1.18

 
1.62

 
 

(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
(2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 169 to 171 in Note 18 to the consolidated financial statements in our 2018 Form 10-K.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.