Earnings Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

Note 8—Earnings Per Common Share

Basic and diluted loss per common share for the three and nine months ended September 30, 2024 and 2023 were calculated as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
	2024		2023	2024	2023
	(Dollars in millions, except per share amounts, shares in thousands)
Loss (numerator)
Net loss	$	(148)	(78)	(140)	(8,303)
Net loss applicable to common stock for computing basic loss per common share	(148)		(78)	(140)	(8,303)
Net loss as adjusted for purposes of computing diluted loss per common share	(148)		(78)	(140)	(8,303)
Shares (denominator):
Weighted-average number of shares:
Outstanding during period	1,016,211		1,008,523	1,014,473	1,006,140
Non-vested restricted stock	(27,417)		(24,973)	(27,510)	(23,287)
Weighted average shares outstanding for computing basic loss per common share	988,794		983,550	986,963	982,853
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities	—		—	—	—
Shares issuable under incentive compensation plans	—		—	—	—
Number of shares as adjusted for purposes of computing diluted loss per common share	988,794		983,550	986,963	982,853
Basic loss per common share	$	(0.15)	(0.08)	(0.14)	(8.45)
Diluted loss per common share(1)	$	(0.15)	(0.08)	(0.14)	(8.45)

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(1)For the three and nine months ended September 30, 2024, we excluded from the calculation of diluted loss per share 12 million and 5 million shares, respectively, potentially issuable under incentive compensations plans or convertible securities, as their effect, if included, would have been anti-dilutive due to our net loss position. For the three and nine months ended September 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 due to our net loss position.

Our calculation of diluted loss per common share excludes non-vested restricted stock awards that are anti-dilutive based upon the terms of the award and due to the lower stock price resulting in more assumed repurchases and greater antidilution. Such shares were 11.3 million and 24.5 million for the three months ended September 30, 2024 and 2023, respectively, and 18.5 million and 22.2 million for the nine months ended September 30, 2024 and 2023, respectively.