Computations of Net Income per Common Share |
The computations of net income per common share are presented in the following table.
TABLE 99: NET INCOME PER COMMON SHARE | | | | | | | | | | | | | FOR THE YEAR ENDED DECEMBER 31, | ($ In Millions Except Per Common Share Information) | 2020 | 2019 | 2018 | BASIC NET INCOME PER COMMON SHARE | | | | Average Number of Common Shares Outstanding | 208,319,412 | | 214,525,547 | | 223,148,335 | | Net Income | $ | 1,209.3 | | $ | 1,492.2 | | $ | 1,556.4 | | Less: Dividends on Preferred Stock | 56.2 | | 46.4 | | 46.4 | | Net Income Applicable to Common Stock | 1,153.1 | | 1,445.8 | | 1,510.0 | | Less: Earnings Allocated to Participating Securities | 12.1 | | 16.9 | | 20.1 | | Earnings Allocated to Common Shares Outstanding | $ | 1,141.0 | | $ | 1,428.9 | | $ | 1,489.9 | | Basic Net Income Per Common Share | 5.48 | | 6.66 | | 6.68 | | DILUTED NET INCOME PER COMMON SHARE | | | | Average Number of Common Shares Outstanding | 208,319,412 | | 214,525,547 | | 223,148,335 | | Plus Dilutive Effect of Share-based Compensation | 688,574 | | 1,075,602 | | 1,339,991 | | Average Common and Potential Common Shares | 209,007,986 | | 215,601,149 | | 224,488,326 | | Earnings Allocated to Common and Potential Common Shares | $ | 1,141.1 | | $ | 1,428.9 | | $ | 1,490.0 | | Diluted Net Income Per Common Share | 5.46 | | 6.63 | | 6.64 | |
Note: For the years ended December 31, 2020, 2019, and 2018, there were no common stock equivalents excluded in the computation of diluted net income per share.
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