Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2021

Basic and diluted earnings (loss) per common share for the years ended December 31, 2021, 2020 and 2019 were calculated as follows:


	Years Ended December 31,
	2021		2020	2019
	(Dollars in millions, except per share amounts, shares in thousands)
Income (Loss) (Numerator)
Net Income (Loss)	$	2,033	(1,232)	(5,269)
Net income (loss) applicable to common stock for computing basic earnings (loss) per common share	2,033		(1,232)	(5,269)
Net income (loss) as adjusted for purposes of computing diluted earnings (loss) per common share	$	2,033	(1,232)	(5,269)
Shares (Denominator):
Weighted average number of shares:
Outstanding during period	1,077,393		1,096,284	1,088,730
Non-vested restricted stock	(17,852)		(17,154)	(17,289)
Weighted average shares outstanding for computing basic earnings (loss) per common share	1,059,541		1,079,130	1,071,441
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10		—	—
Shares issuable under incentive compensation plans	7,227		—	—
Number of shares as adjusted for purposes of computing diluted earnings (loss) per common share	1,066,778		1,079,130	1,071,441
Basic earnings (loss) per common share	$	1.92	(1.14)	(4.92)
Diluted earnings (loss) per common share(1)	$	1.91	(1.14)	(4.92)

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(1)For the years ended December 31, 2020 and December 31, 2019, we excluded from the calculation of diluted loss per share 5.3 million shares and 3.0 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive.

Our calculation of diluted earnings (loss) 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 were 3.2 million, 3.2 million and 6.8 million for 2021, 2020 and 2019, respectively.