Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

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.

(in millions, except per share data)
Years Ended December 31	2023		2022		2021
Basic and diluted
Net income	$	881	$	1,151	$	1,168
Less:
Income allocated to participating securities	4		6		5
Preferred stock dividends	23		23		23
Net income attributable to common shares	$	854	$	1,122	$	1,140
Basic average common shares	132		131		135
Basic net income per common share	$	6.47	$	8.56	$	8.45
Basic average common shares	132		131		135
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards	1		2		2
Diluted average common shares	133		133		137
Diluted net income per common share	$	6.44	$	8.47	$	8.35

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.

(average outstanding options in thousands)
Years Ended December 31	2023	2022	2021
Average outstanding options	1,631	543	438
Range of exercise prices	$49.20 - $95.25	$70.18 - $95.25	$79.01 - $95.25