Net Earnings Per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

NET EARNINGS PER COMMON SHARE

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)	2020		2019		2020		2019
Basic:
Net income	$	175	$	222	$	255	$	633
Less common and preferred dividends	64		67		193		194
Undistributed earnings	111		155		62		439
Less undistributed earnings applicable to nonvested shares	1		1		1		2
Undistributed earnings applicable to common shares	110		154		61		437
Distributed earnings applicable to common shares	56		59		168		168
Total earnings applicable to common shares	$	166	$	213	$	229	$	605
Weighted average common shares outstanding (in thousands)	163,608		173,160		163,764		178,985
Net earnings per common share	$	1.01	$	1.23	$	1.40	$	3.38
Diluted:
Total earnings applicable to common shares	$	166	$	213	$	229	$	605
Weighted average common shares outstanding (in thousands)	163,608		173,160		163,764		178,985
Dilutive effect of common stock warrants (in thousands)	—		8,187		2,027		9,293
Dilutive effect of stock options (in thousands)	171		523		238		617
Weighted average diluted common shares outstanding (in thousands)	163,779		181,870		166,029		188,895
Net earnings per common share	$	1.01	$	1.17	$	1.38	$	3.20

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)	2020	2019	2020	2019
Restricted stock and restricted stock units	1,316	1,348	1,347	1,406
Stock options	923	596	878	451