Earnings per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Common Share

Basic and diluted earnings per common share for the three and six months ended June 30, 2016 and 2015 were calculated as follows:



	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016		2015
	(Dollars in millions, except per share amounts, shares in thousands)
Income (Numerator):
Net income	$	196		143		432		335
Earnings applicable to non-vested restricted stock	—			—		—		—
Net income applicable to common stock for computing basic earnings per common share	196			143		432		335
Net income as adjusted for purposes of computing diluted earnings per common share	$	196		143		432		335
Shares (Denominator):
Weighted-average number of shares:
Outstanding during period	545,988			563,495		545,417		565,091
Non-vested restricted stock	(6,361		)	(4,855	)	(6,204	)	(4,787	)
Weighted-average shares outstanding for computing basic earnings per common share	539,627			558,640		539,213		560,304
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10			10		10		10
Shares issuable under incentive compensation plans	738			570		1,058		1,048
Number of shares as adjusted for purposes of computing diluted earnings per common share	540,375			559,220		540,281		561,362
Basic earnings per common share	$	0.36		0.26		0.80		0.60
Diluted earnings per common share	$	0.36		0.26		0.80		0.60

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 4.1 million and 2.4 million for the three months ended June 30, 2016 and 2015, respectively, and averaged 3.6 million and 2.3 million for the six months ended June 30, 2016 and 2015, respectively.