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Earnings Per Share
12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Share Note 6 – Earnings Per Share (“EPS”)Accounting policy. The Company computes basic earnings per share using the weighted-average number of unrestricted common and deferred shares outstanding. Diluted earnings per share also includes the dilutive effect of outstanding employee stock options and restricted stock using the treasury stock method and the effect of strategic performance shares.Basic and diluted earnings per share were computed as follows:

 

 

 

2019

 

2018

 

2017

(Shares in thousands, dollars in millions, except per share amounts)

 

 

Effect of

 

 

 

 

Effect of

 

 

 

 

Effect of

 

 

Basic

Dilution

Diluted

Basic

Dilution

Diluted

Basic

Dilution

Diluted

Shareholders’ net income

$

5,104

 

 

$

5,104

$

2,637

$

 

$

2,637

$

2,237

 

 

$

2,237

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average

 

375,919

 

 

 

375,919

 

246,652

 

 

 

246,652

 

250,892

 

 

 

250,892

Common stock equivalents

 

 

 

3,898

 

3,898

 

 

 

3,573

 

3,573

 

 

 

4,180

 

4,180

Total shares

 

375,919

 

3,898

 

379,817

 

246,652

 

3,573

 

250,225

 

250,892

 

4,180

 

255,072

EPS

$

13.58

$

(0.14)

$

13.44

$

10.69

$

(0.15)

$

10.54

$

8.92

$

(0.15)

$

8.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following outstanding employee stock options were not included in the computation of diluted earnings per share because their effect was anti-dilutive.

(In millions)

2019

2018

2017

Anti-dilutive options

3.5

0.9

0.9