Net Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

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 March 31,
(In millions, except shares and per share amounts)	2024		2023
Basic:
Net income	$	153	$	204
Less common and preferred dividends	71		67
Undistributed earnings	82		137
Less undistributed earnings applicable to nonvested shares	1		1
Undistributed earnings applicable to common shares	81		136
Distributed earnings applicable to common shares	60		61
Total earnings applicable to common shares	$	141	$	197
Weighted average common shares outstanding (in thousands)	147,338		148,015
Net earnings per common share	$	0.96	$	1.33
Diluted:
Total earnings applicable to common shares	$	141	$	197
Weighted average common shares outstanding (in thousands)	147,338		148,015
Dilutive effect of stock options (in thousands)	5		23
Weighted average diluted common shares outstanding (in thousands)	147,343		148,038
Net earnings per common share	$	0.96	$	1.33

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 March 31,
(In thousands)	2024	2023
Restricted stock and restricted stock units	1,543	1,334
Stock options	1,379	1,230