EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
(dollars in millions, except per share data)	2023		2022		2023		2022
Net income	$	142	$	109	$	289	$	162
Less: Preferred stock dividends	2		2		4		4
Net income available to common stockholders	$	140	$	107	$	285	$	158
Basic weighted average common shares outstanding	360,124,415		351,269,791		360,489,630		347,830,430
Net effect of dilutive stock options and restricted stock	2,501,767		3,417,278		3,286,929		4,004,504
Diluted weighted average common shares outstanding	362,626,182		354,687,069		363,776,559		351,834,934
Earnings per common share:
Basic	$	0.39	$	0.30	$	0.79	$	0.45
Diluted	$	0.39	$	0.30	$	0.78	$	0.45

There were no anti-dilutive shares for either the three months ended or six months ended June 30, 2023 and 2022.