EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2024

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 shown below, based upon weighted average common basic and dilutive shares outstanding.


(Dollars in millions, except per share amounts)	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss) per share:
Numerator
Net income (loss)	$	509	$	678	$	1,966	$	1,713
Less: dividends declared - common shares and unvested common shares	(86)		(76)		(249)		(212)
Undistributed earnings	423		602		1,717		1,501
Percentage allocated to common shareholders (1)	98.8%		98.9%		98.8%		98.8%
	418		595		1,697		1,483
Add: dividends declared - common shareholders	85		75		246		210
Numerator for basic and diluted earnings per common share	$	503	$	671	$	1,943	$	1,693

Denominator
Denominator for basic earnings per weighted-average common shares	42.6		42.9		42.8		40.8
Effect of dilutive securities:
Options	—		—		—		—
Denominator for diluted earnings per adjusted weighted-average common shares	42.6		42.9		42.8		40.8

Per common share net income (loss)
Basic	$	11.80	$	15.63	$	45.40	$	41.49
Diluted	$	11.80	$	15.63	$	45.40	$	41.49

(1) Basic weighted - average common shares outstanding	42.6		42.9		42.8		40.8
Basic weighted - average common shares outstanding and unvested common shares expected to vest	43.1		43.4		43.3		41.3
Percentage allocated to common shareholders	98.8%		98.9%		98.8%		98.8%

(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of September 30, 2024 and 2023, respectively.