Earnings Per Share

6 Months Ended

Jun. 30, 2022

The following tables provide 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 June 30, (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	$	526				$	674
Less: Income allocated to participating securities	1					1
Net income allocated to common shareholders	$	525	689	$	0.76	$	673	709	$	0.95
Earnings Per Diluted Share:
Net income available to common shareholders	$	526				$	674
Effect of dilutive securities:
Stock-based awards	—		6			—		9
Net income available to common shareholders plus assumed conversions	$	526				$	674
Less: Income allocated to participating securities	1					1
Net income allocated to common shareholders plus assumed conversions	$	525	695	$	0.76	$	673	718	$	0.94


	2022					2021
For the six months ended June 30, (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	$	1,000				$	1,348
Less: Income allocated to participating securities	1					4
Net income allocated to common shareholders	$	999	688	$	1.45	$	1,344	712	$	1.89
Earnings Per Diluted Share:
Net income available to common shareholders	$	1,000				$	1,348
Effect of dilutive securities:
Stock-based awards	—		8			—		9
Net income available to common shareholders plus assumed conversions	$	1,000				$	1,348
Less: Income allocated to participating securities	1					4
Net income allocated to common shareholders plus assumed conversions	$	999	696	$	1.44	$	1,344	721	$	1.87

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 and six months ended June 30, 2022 excludes 3 million and 2 million shares, respectively, of stock-based awards because their inclusion would have been anti-dilutive. The diluted earnings per share computation for both the three and six months ended June 30, 2021 excludes an immaterial amount of stock-based awards because their inclusion would have been anti-dilutive.