EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2022

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock.

Diluted earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options and restricted shares, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share.

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

TABLE 16.1


	Three Months Ended March 31,
(dollars in millions, except per share data)		2022		2021
Net income		$	53	$	93
Less: Preferred stock dividends		2		2
Net income available to common stockholders		$	51	$	91
Basic weighted average common shares outstanding		344,352,853		320,975,209
Net effect of dilutive stock options, warrants and restricted stock		4,573,193		3,769,650
Diluted weighted average common shares outstanding		348,926,046		324,744,859
Earnings per common share:
Basic		$	0.15	$	0.28
Diluted		$	0.15	$	0.28

There were no anti-dilutive shares for the three months ended March 31, 2022 and 2021. In January 2022, we issued 34.1 million common shares as part of the Howard acquisition.