Net Income Per Common Share Computations

9 Months Ended

Sep. 30, 2020

Net Income Per Common Share Computations

The computations of net income per common share are presented in the following table.

TABLE 69: NET INCOME PER COMMON SHARE


	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
($ In Millions Except Per Common Share Information)	2020		2019		2020		2019
Basic Net Income Per Common Share
Average Number of Common Shares Outstanding	208,106,190		213,176,809		208,351,088		215,832,347
Net Income	$	294.5	$	384.6	$	968.4	$	1,121.1
Less: Dividends on Preferred Stock	16.2		17.4		51.5		40.6
Net Income Applicable to Common Stock	278.3		367.2		916.9		1,080.5
Less: Earnings Allocated to Participating Securities	3.3		4.5		10.6		12.6
Earnings Allocated to Common Shares Outstanding	275.0		362.7		906.3		1,067.9
Basic Net Income Per Common Share	$	1.32	$	1.70	$	4.35	$	4.95
Diluted Net Income Per Common Share
Average Number of Common Shares Outstanding	208,106,190		213,176,809		208,351,088		215,832,347
Plus: Dilutive Effect of Share-based Compensation	582,304		1,029,767		672,243		1,031,216
Average Common and Potential Common Shares	208,688,494		214,206,576		209,023,331		216,863,563
Earnings Allocated to Common and Potential Common Shares	$	275.0	$	362.7	$	906.3	$	1,067.9
Diluted Net Income Per Common Share	1.32		1.69		4.34		4.92

Note: For the three and nine months ended September 30, 2020 and 2019, there were no common stock equivalents excluded in the computation of diluted net income per share.