Earnings Per Share

12 Months Ended

Dec. 31, 2018

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 17—EARNINGS PER SHARE

The following table presents a reconciliation of basic and diluted earnings per common share (in millions, except share data and per share amounts):

	Year Ended December 31,
	2018		2017		2016
Net income	$	1,052	$	614	$	552
Less: Preferred stock dividends	36		25		—
Net income available to common shareholders	$	1,016	$	589	$	552
Share data (in thousands):
Basic weighted-average shares outstanding	260,600		273,190		277,789
Effect of weighted-average dilutive securities:
Restricted stock and options(1)	1,053		1,076		872
Convertible debentures	16		86		387
Diluted weighted-average shares outstanding(2)	261,669		274,352		279,048
Basic earnings per common share	$	3.90	$	2.16	$	1.99
Diluted earnings per common share(2)	$	3.88	$	2.15	$	1.98

(1) Includes dilutive restricted stock units and awards, dividend equivalent units, employee stock purchase plan shares and stock options.

(2)

The amount of certain restricted stock and options excluded from the calculations of diluted earnings per share due to the anti-dilutive effect was not material for the year ended December 31, 2018, 2017 and 2016.