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Net Income Per Common Share
 6 Months Ended
Jun. 30, 2024
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)2024202320242023
Basic and diluted
Net income$206 $273 $344 $597 
Less:
Income allocated to participating securities1 2 2 3 
Preferred stock dividends5 5 11 11 
Net income attributable to common shares$200 $266 $331 $583 
Basic average common shares133 132 133 132 
Basic net income per common share$1.50 $2.02 $2.49 $4.43 
Basic average common shares133 132 133 132 
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards1 — 1 — 
Diluted average common shares134 132 134 132 
Diluted net income per common share$1.49 $2.01 $2.47 $4.40 
The following average shares related to outstanding options to purchase shares of common stock that 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)2024202320242023
Average outstanding options1,816 1,816 1,800 1,338 
Range of exercise prices
 $53.96 - $95.25
$42.32 - $95.25
$53.96 - $95.25
$63.15 - $95.25