Net Earnings Per Common Share

12 Months Ended

Dec. 31, 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:

(In millions, except shares and per share amounts)	2020		2019		2018
Basic:
Net income	$	539	$	816	$	884
Less common and preferred dividends	259		260		236
Undistributed earnings	280		556		648
Less undistributed earnings applicable to nonvested shares	2		4		5
Undistributed earnings applicable to common shares	278		552		643
Distributed earnings applicable to common shares	223		224		200
Total earnings applicable to common shares	$	501	$	776	$	843
Weighted average common shares outstanding (in thousands)	163,737		175,984		193,589
Net earnings per common share	$	3.06	$	4.41	$	4.36
Diluted:
Total earnings applicable to common shares	$	501	$	776	$	843
Weighted average common shares outstanding (in thousands)	163,737		175,984		193,589
Dilutive effect of common stock warrants (in thousands)	1,641		9,926		11,959
Dilutive effect of stock options (in thousands)	235		594		953
Weighted average diluted common shares outstanding (in thousands)	165,613		186,504		206,501
Net earnings per common share	$	3.02	$	4.16	$	4.08

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

(In thousands)	2020		2019		2018
Restricted stock and restricted stock units	$	1,338	$	1,390	$	1,602
Stock options	889		460		151