Net Earnings per Common Share (Note)

9 Months Ended

Sep. 30, 2019

NET EARNINGS PER COMMON SHARE

Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except shares and per share amounts)	2019		2018		2019		2018

Basic:
Net income	$	222	$	223	$	633	$	658
Less common and preferred dividends	67		66		194		170
Undistributed earnings	155		157		439		488
Less undistributed earnings applicable to nonvested shares	1		1		2		4
Undistributed earnings applicable to common shares	154		156		437		484
Distributed earnings applicable to common shares	59		58		168		144
Total earnings applicable to common shares	$	213	$	214	$	605	$	628
Weighted average common shares outstanding (in thousands)	173,160		192,973		178,985		195,079
Net earnings per common share	$	1.23	$	1.11	$	3.38	$	3.22

Diluted:
Total earnings applicable to common shares	$	213	$	214	$	605	$	628
Weighted average common shares outstanding (in thousands)	173,160		192,973		178,985		195,079
Dilutive effect of common stock warrants (in thousands)	8,187		11,880		9,293		12,555
Dilutive effect of stock options (in thousands)	523		912		617		1,023
Weighted average diluted common shares outstanding (in thousands)	181,870		205,765		188,895		208,657
Net earnings per common share	$	1.17	$	1.04	$	3.20	$	3.01

The following schedule presents the weighted average stock awards that were anti-dilutive and not included in the calculation of diluted earnings per share.


	Three Months Ended September 30,			Nine Months Ended September 30,
(In thousands)	2019	2018	2019	2018

Restricted stock and restricted stock units	1,348	1,490	1,406	1,651
Stock options	596	170	451	137