EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

The following table presents the calculation of basic and diluted earnings per common share from continuing operations:


	Three months ended September 30,				Nine months ended September 30,
(Dollars in millions and shares in thousands)	2023		2022		2023		2022
Earnings per share — Basic:
Earnings from continuing operations	$	160	$	247	$	282	$	663
Less: Distributed and undistributed earnings allocated to unvested stock	(1)		(1)		(2)		(3)
Earnings from continuing operations available to common shareholders	$	159	$	246	$	280	660

Weighted average common shares outstanding	45,087		49,806		45,813		50,252

Earnings from continuing operations per common share — Basic	$	3.51	$	4.92	$	6.11	$	13.12


Earnings per share — Diluted:
Earnings from continuing operations	$	160	$	247	$	282	$	663
Less: Distributed and undistributed earnings allocated to unvested stock	—		—		—		(3)
Earnings from continuing operations available to common shareholders — Diluted	$	160	$	247	$	282	$	660

Weighted average common shares outstanding — Basic	45,087		49,806		45,813		50,252
Effect of dilutive equity awards	1,183		1,267		1,047		1,026
Weighted average common shares outstanding — Diluted	46,270		51,073		46,860		51,278

Earnings from continuing operations per common share — Diluted	$	3.44	$	4.82	$	6.01	$	12.86

Anti-dilutive equity awards not included in diluted EPS	73		726		1,077		752

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Note: Amounts may not be additive due to rounding.