Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Basic And Diluted Net Income Per Common Share

Basic and diluted net income per common share are presented in the following table.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2022		2021		2022		2021
Basic and diluted
Net income	$	351	$	262	$	801	$	940
Less:
Income allocated to participating securities	2		1		4		4
Preferred stock dividends	6		6		17		17
Net income attributable to common shares	$	343	$	255	$	780	$	919
Basic average common shares	131		133		131		136
Basic net income per common share	$	2.63	$	1.92	$	5.96	$	6.75
Basic average common shares	131		133		131		136
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards	1		1		2		2
Diluted average common shares	132		134		133		138
Diluted net income per common share	$	2.60	$	1.90	$	5.88	$	6.67

Schedule of Average Shares Excluded From Diluted Net Income Per Common Share Computation

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 September 30,		Nine Months Ended September 30,
(average outstanding options in thousands)	2022	2021	2022	2021
Average outstanding options	373	440	337	443
Range of exercise prices	$79.01 - $95.25	$73.24 - $95.25	$70.18 - $95.25	$73.24 - $95.25