Earnings Per Share

3 Months Ended

Mar. 31, 2023

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


	2023					2022
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	$	535				$	474
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders	$	535	684	$	0.78	$	473	688	$	0.69
Earnings Per Diluted Share:
Net income available to common shareholders	$	535				$	474
Effect of dilutive securities:
Stock-based awards	—		6			—		8
Net income available to common shareholders plus assumed conversions	$	535				$	474
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders plus assumed conversions	$	535	690	$	0.78	$	473	696	$	0.68

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, 2023 and 2022 excludes 4 million and 1 million shares, respectively, of stock-based awards because their inclusion would have been anti-dilutive.