(Loss) Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of basic and diluted earnings (loss) per common share

Basic and diluted (loss) earnings per common share for the years ended December 31, 2023, 2022 and 2021 were calculated as follows:


	Years Ended December 31,
	2023		2022	2021
	(Dollars in millions, except per share amounts, shares in thousands)
(Loss) income (numerator)
Net (loss) income	$	(10,298)	(1,548)	2,033
Net (loss) income applicable to common stock for computing basic (loss) earnings per common share	(10,298)		(1,548)	2,033
Net (loss) income as adjusted for purposes of computing diluted (loss) earnings per common share	$	(10,298)	(1,548)	2,033
Shares (denominator):
Weighted average number of shares:
Outstanding during period	1,006,787		1,028,069	1,077,393
Non-vested restricted stock	(23,706)		(20,552)	(17,852)
Weighted average shares outstanding for computing basic (loss) earnings per common share	983,081		1,007,517	1,059,541
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 (loss) earnings per common share	983,081		1,007,517	1,066,778
Basic (loss) earnings per common share	$	(10.48)	(1.54)	1.92
Diluted (loss) earnings per common share(1)	$	(10.48)	(1.54)	1.91

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(1)For the years ended December 31, 2023 and December 31, 2022, we excluded from the calculation of diluted loss per share 0.3 million and 3.8 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive.