Earnings Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Common Share [Abstract]

Earnings Per Common Share

6. EARNINGS PER COMMON SHARE

Basic earnings per share are calculated by dividing net income by the weighted average number of common

shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted

under various share-based compensation plans were exercised resulting in the issuance of common shares that

would participate in the earnings of the entity. 

Net income (loss) per common share has been computed as per below, based upon weighted average common

basic and dilutive shares outstanding.

Three Months Ended

Nine Months Ended

September 30,

September 30,

(Dollars in millions, except per share amounts)

2022

2021

2022

2021

Net income (loss) per share:

Numerator

Net income (loss) 

$

(319)

$

(73)

$

101

$

948

Less: dividends declared-common shares and unvested common shares

(65)

(61)

(191)

(186)

Undistributed earnings

(384)

(135)

(90)

763

Percentage allocated to common shareholders

(1)

100.0

%

100.0

%

98.7

%

98.7

%

(384)

(135)

(88)

752

Add: dividends declared-common shareholders

65

61

188

183

Numerator for basic and diluted earnings per common share

$

(319)

$

(73)

$

100

$

936

Denominator

Denominator for basic earnings per weighted-average common shares

38.8

39.2

38.8

39.4

Effect of dilutive securities:

Options

-

-

-

-

Denominator for diluted earnings per adjusted weighted-average common shares

38.8

39.2

38.8

39.5

Per common share net income (loss)

Basic

$

(8.22)

$

(1.88)

$

2.57

$

23.74

Diluted

$

(8.22)

$

(1.88)

$

2.57

$

23.72

(1)

Basic weighted-average common shares outstanding

38.8

39.2

38.8

39.4

Basic weighted-average common shares outstanding and unvested common shares

expected to vest

38.8

39.2

39.4

39.9

Percentage allocated to common shareholders

100.0

%

100.0

%

98.7

%

98.7

%

(Some amounts may not reconcile due to rounding.)

There were

no

 material anti-diluted options outstanding for the three and nine months ended September 30,

2022 and 2021. During the three months ended September 30, 2022 and 2021, the Company did not exclude

the dividends declared to unvested common shares as doing so would have an anti-dilutive effect on the

numerator for basic and diluted earnings per common share. 

Options granted under share-based compensation plans have all expired as of

September 19, 2022

.