Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

Basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023 were calculated as follows:


	Three Months Ended March 31,
	2024		2023
	(Dollars in millions, except per share amounts, shares in thousands)
Income (numerator)
Net income	$	57	511
Net income applicable to common stock for computing basic earnings per common share	57		511
Net income as adjusted for purposes of computing diluted earnings per common share	$	57	511
Shares (denominator):
Weighted-average number of shares:
Outstanding during period	1,011,350		1,003,666
Non-vested restricted stock	(26,495)		(22,111)
Weighted average shares outstanding for computing basic earnings per common share	984,855		981,555
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	10		10
Shares issuable under incentive compensation plans	1,397		718
Number of shares as adjusted for purposes of computing diluted earnings per common share	986,262		982,283
Basic earnings per common share	$	0.06	0.52
Diluted earnings per common share	$	0.06	0.52

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 20.2 million and 21.2 million for the three months ended March 31, 2024 and 2023, respectively.