Earnings Per Share

6 Months Ended

Jun. 30, 2023

The following tables provide 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 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	$	562				$	526
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders	$	562	684	$	0.82	$	525	689	$	0.76
Earnings Per Diluted Share:
Net income available to common shareholders	$	562				$	526
Effect of dilutive securities:
Stock-based awards	—		2			—		6
Net income available to common shareholders plus assumed conversions	$	562				$	526
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders plus assumed conversions	$	562	686	$	0.82	$	525	695	$	0.76


	2023					2022
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	$	1,097				$	1,000
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders	$	1,097	684	$	1.60	$	999	688	$	1.45
Earnings Per Diluted Share:
Net income available to common shareholders	$	1,097				$	1,000
Effect of dilutive securities:
Stock-based awards	—		4			—		8
Net income available to common shareholders plus assumed conversions	$	1,097				$	1,000
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders plus assumed conversions	$	1,097	688	$	1.59	$	999	696	$	1.44

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, 2023 excludes 9 million and 6 million shares, respectively, of stock-based awards because their inclusion would have been anti-dilutive. 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.