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Net Income Per Common Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Net Income Per Common Share NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are presented in the following table.
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share data)2021202020212020
Basic and diluted
Net income$328 $118 $678 $59 
Less:
Income allocated to participating securities2 1 3 1 
Preferred stock dividends5 — 11 — 
Net income attributable to common shares$321 $117 $664 $58 
Basic average common shares136 139 138 140 
Basic net income per common share$2.35 $0.85 $4.81 $0.42 
Basic average common shares136 139 138 140 
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards2 — 2 1 
Diluted average common shares138 139 140 141 
Diluted net income per common share$2.32 $0.84 $4.76 $0.42 
The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period.
Three Months Ended June 30,Six Months Ended June 30,
(average outstanding options in thousands)2021202020212020
Average outstanding options443 2,056 446 1,633 
Range of exercise prices
$79.01 - $95.25
$39.10 - $95.25
$70.18 - $95.25
$39.10 - $95.25