Earnings Per Common Share

6 Months Ended

Jun. 30, 2022

Basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021 were calculated as follows:


	Three Months Ended June 30,			Six Months Ended June 30,
	2022		2021	2022	2021
	(Dollars in millions, except per share amounts, shares in thousands)
Income (Numerator)
Net income	$	344	506	943	981
Net income applicable to common stock for computing basic earnings per common share	344		506	943	981
Net income as adjusted for purposes of computing diluted earnings per common share	$	344	506	943	981
Shares (Denominator):
Weighted-average number of shares:
Outstanding during period	1,033,060		1,105,403	1,030,138	1,102,877
Non-vested restricted stock	(20,117)		(18,950)	(19,452)	(18,413)
Weighted average shares outstanding for computing basic earnings per common share	1,012,943		1,086,453	1,010,686	1,084,464
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10		10	10	10
Shares issuable under incentive compensation plans	3,667		6,939	5,221	8,020
Number of shares as adjusted for purposes of computing diluted earnings per common share	1,016,620		1,093,402	1,015,917	1,092,494
Basic earnings per common share	$	0.34	0.47	0.93	0.90
Diluted earnings per common share	$	0.34	0.46	0.93	0.90

Our calculation of diluted earnings per common share excludes unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 10.1 million and 2.2 million for the three months ended June 30, 2022 and 2021, respectively, and 9.2 million and 1.2 million for the six months ended June 30, 2022 and 2021, respectively.