Earnings per Common Share

12 Months Ended

Dec. 31, 2020

EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per common share:

TABLE 21.1


Year Ended December 31	2020		2019		2018
(dollars in millions, except per share data)
Net income	$	286	$	387	$	373
Less: Preferred stock dividends	8		8		8
Net income available to common stockholders	$	278	$	379	$	365
Basic weighted average common shares outstanding	323,368,639		324,938,720		324,207,198
Net effect of dilutive stock options, warrants and restricted stock	2,119,325		1,122,418		1,416,405
Diluted weighted average common shares outstanding	325,487,964		326,061,138		325,623,603
Earnings per common share:
Basic	$	0.86	$	1.17	$	1.13
Diluted	$	0.85	$	1.16	$	1.12

The following table shows the average shares excluded from the above calculation as their effect would have been anti-dilutive:

TABLE 21.2


Year Ended December 31	2020	2019	2018
Average shares excluded from the diluted earnings per common share calculation	22,375	—	81