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Net Income Per Common Share
 12 Months Ended
Dec. 31, 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.
(in millions, except per share data)
Years Ended December 31202120202019
Basic and diluted
Net income$1,168 $497 $1,202 
Less:
Income allocated to participating securities5 2 7 
Preferred stock dividends23 13 — 
Net income attributable to common shares$1,140 $482 $1,195 
Basic average common shares135 139 150 
Basic net income per common share$8.45 $3.45 $7.98 
Basic average common shares135 139 150 
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards2 1 1 
Diluted average common shares137 140 151 
Diluted net income per common share$8.35 $3.43 $7.90 
Declared dividends on preferred stock are excluded from net income attributable to common shares. Refer to Note 13 for further information on preferred stock.
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.
(average outstanding options in thousands)
Years Ended December 31202120202019
Average outstanding options4381,498543
Range of exercise prices
$79.01 - $95.25
$49.20 - $95.25
$67.53 - $95.25