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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
For additional information on our earnings per share calculation methodologies, refer to pages 169 to 170 in Note 23 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2019 Form 10-K.
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in millions, except per share amounts)
2020
 
2019
 
2020
 
2019
Net income
$
694

 
$
587

 
$
1,328

 
$
1,095

Less:
 
 
 
 
 
 
 
Preferred stock dividends
(32
)
 
(50
)
 
(85
)
 
(105
)
Dividends and undistributed earnings allocated to participating securities(1)
—

 
—

 
(1
)
 
(1
)
Net income available to common shareholders
$
662

 
$
537

 
$
1,242

 
$
989

Average common shares outstanding (In thousands):
 
 
 
 
 
 
 
Basic average common shares
352,157

 
373,773

 
352,952

 
375,832

Effect of dilutive securities: equity-based awards
4,256

 
3,804

 
4,076

 
3,633

Diluted average common shares
356,413

 
377,577

 
357,028

 
379,465

Anti-dilutive securities(2)
2,989

 
3,345

 
1,580

 
2,665

Earnings per common share:
 
 
 
 
 
 
 
Basic
$
1.88

 
$
1.44

 
$
3.52

 
$
2.63

Diluted(3)
1.86

 
1.42

 
3.48

 
2.61

 
 

(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 164 and 165 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2019 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.