Earnings Per Share

3 Months Ended

Mar. 31, 2022

The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share:


	2022					2021
For the three months ended March 31, (in millions, except per share data)	Income		Average Shares	Per Share Amount		Income		Average Shares	Per Share Amount
Earnings Per Share:
Net income available to common shareholders	$	474				$	674
Less: Income allocated to participating securities	1					2
Net income allocated to common shareholders	$	473	688	$	0.69	$	672	714	$	0.94
Earnings Per Diluted Share:
Net income available to common shareholders	$	474				$	674
Effect of dilutive securities:
Stock-based awards	—		8			—		9
Net income available to common shareholders plus assumed conversions	$	474				$	674
Less: Income allocated to participating securities	1					2
Net income allocated to common shareholders plus assumed conversions	$	473	696	$	0.68	$	672	723	$	0.93

Shares are excluded from the computation of earnings per diluted share when their inclusion has an anti-dilutive effect on earnings per share. The diluted earnings per share computation for the three months ended March 31, 2022 and 2021 excludes 1 million shares and an immaterial amount, respectively, of stock-based awards because their inclusion would have been anti-dilutive.