Earnings Per Share

9 Months Ended

Sep. 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 September 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	$	623				$	631
Less: Income allocated to participating securities	—					—
Net income allocated to common shareholders	$	623	684	$	0.91	$	631	689	$	0.91
Earnings Per Diluted Share:
Net income available to common shareholders	$	623				$	631
Effect of dilutive securities:
Stock-based awards	—		3			—		6
Net income available to common shareholders plus assumed conversions	$	623				$	631
Less: Income allocated to participating securities	—					—
Net income allocated to common shareholders plus assumed conversions	$	623	687	$	0.91	$	631	695	$	0.91


	2023					2022
For the nine months ended September 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	$	1,719				$	1,631
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders	$	1,719	684	$	2.51	$	1,630	689	$	2.37
Earnings Per Diluted Share:
Net income available to common shareholders	$	1,719				$	1,631
Effect of dilutive securities:
Stock-based awards	—		4			—		6
Net income available to common shareholders plus assumed conversions	$	1,719				$	1,631
Less: Income allocated to participating securities	—					1
Net income allocated to common shareholders plus assumed conversions	$	1,719	688	$	2.50	$	1,630	695	$	2.34

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 both the three and nine months ended September 30, 2023 excludes 6 million shares of stock-based awards because their inclusion would have been anti-dilutive. The diluted earnings per share computation for both the three and nine months ended September 30, 2022 excludes 3 million shares of stock-based awards because their inclusion would have been anti-dilutive.