Earnings per Common Share

12 Months Ended

Dec. 31, 2021

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	2021		2020		2019
(dollars in millions, except per share data)
Net income	$	405	$	286	$	387
Less: Preferred stock dividends	8		8		8
Net income available to common stockholders	$	397	$	278	$	379
Basic weighted average common shares outstanding	319,791,100		323,368,639		324,938,720
Net effect of dilutive stock options, warrants and restricted stock	3,690,388		2,119,325		1,122,418
Diluted weighted average common shares outstanding	323,481,488		325,487,964		326,061,138
Earnings per common share:
Basic	$	1.24	$	0.86	$	1.17
Diluted	$	1.23	$	0.85	$	1.16

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	2021	2020	2019
Average shares excluded from the diluted earnings per common share calculation	—	22,375	—