Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Basic and diluted (loss) earnings per common share for the three and six months ended June 30, 2024 and 2023 were calculated as follows:


	Three Months Ended June 30,			Six Months Ended June 30,
	2024		2023	2024	2023
	(Dollars in millions, except per share amounts, shares in thousands)
(Loss) Income (numerator)
Net (loss) income	$	(49)	(8,736)	8	(8,225)
Net (loss) income applicable to common stock for computing basic (loss) earnings per common share	(49)		(8,736)	8	(8,225)
Net (loss) income as adjusted for purposes of computing diluted (loss) earnings per common share	(49)		(8,736)	8	(8,225)
Shares (denominator):
Weighted-average number of shares:
Outstanding during period	1,015,857		1,006,229	1,013,603	1,004,948
Non-vested restricted stock	(28,618)		(22,776)	(27,556)	(22,443)
Weighted average shares outstanding for computing basic (loss) earnings per common share	987,239		983,453	986,047	982,505
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	—		—	10	—
Shares issuable under incentive compensation plans	—		—	1,167	—
Number of shares as adjusted for purposes of computing diluted (loss) earnings per common share	987,239		983,453	987,224	982,505
Basic (loss) earnings per common share	$	(0.05)	(8.88)	0.01	(8.37)
Diluted (loss) earnings per common share(1)	$	(0.05)	(8.88)	0.01	(8.37)

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(1)For the three months ended June 30, 2024 and for the three and six months ended June 30, 2023, we excluded from the calculation of diluted loss per share less than 1 million shares, potentially issuable under incentive compensations plans or convertible securities, as their effect, if included, would have been anti-dilutive.

Our calculation of diluted (loss) earnings per common share excludes unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 24.1 million and 21.0 million for the three months ended June 30, 2024 and 2023, respectively, and 22.2 million and 21.1 million for the six months ended June 30, 2024 and 2023, respectively.