Earnings per Common Share

3 Months Ended

Mar. 31, 2016

Earnings Per Common Share

Basic and diluted earnings per common share for the three months ended March 31, 2016 and 2015 were calculated as follows:



	Three Months Ended March 31,
	2016			2015
	(Dollars in millions, except per share amounts, shares in thousands)
Income (Numerator):
Net income	$	236		192
Earnings applicable to non-vested restricted stock	—			—
Net income applicable to common stock for computing basic earnings per common share	236			192
Net income as adjusted for purposes of computing diluted earnings per common share	$	236		192
Shares (Denominator):
Weighted-average number of shares:
Outstanding during period	544,845			566,687
Non-vested restricted stock	(6,046		)	(4,718	)
Weighted-average shares outstanding for computing basic earnings per common share	538,799			561,969
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10			10
Shares issuable under incentive compensation plans	1,378			1,526
Number of shares as adjusted for purposes of computing diluted earnings per common share	540,187			563,505
Basic earnings per common share	$	0.44		0.34
Diluted earnings per common share	$	0.44		0.34

Our calculation of diluted earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares averaged 3.1 million and 2.2 million for the three months ended March 31, 2016 and 2015, respectively.