Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

3. EARNINGS (LOSS) PER COMMON SHARE

Computation of Basic and Diluted Earnings per Common Share

	For the years ended December 31,
(In millions, except for per share data)	2019		2018		2017
Earnings
Income (loss) from continuing operations, net of tax	$	2,085	$	1,485	$	(262	)
Less: Preferred stock dividends	21		6		—
Income (loss) from continuing operations, net of tax, available to common stockholders	2,064		1,479		(262		)
Income (loss) from discontinued operations, net of tax, available to common stockholders	—		322		(2,869		)
Net income (loss) available to common stockholders	$	2,064	$	1,801	$	(3,131	)
Shares
Weighted average common shares outstanding, basic	360.9		358.4		363.7
Dilutive effect of warrants [1]	0.5		1.9		—
Dilutive effect of stock-based awards under compensation plans	3.5		3.8		—
Weighted average common shares outstanding and dilutive potential common shares [2]	364.9		364.1		363.7
Earnings per common share
Basic
Income (loss) from continuing operations, net of tax, available to common stockholders	$	5.72	$	4.13	$	(0.72	)
Income (loss) from discontinued operations, net of tax, available to common stockholders	—		0.90		(7.89		)
Net income (loss) available to common stockholders	$	5.72	$	5.03	$	(8.61	)
Diluted
Income (loss) from continuing operations, net of tax, available to common stockholders	$	5.66	$	4.06	$	(0.72	)
Income (loss) from discontinued operations, net of tax, available to common stockholders	—		0.89		(7.89		)
Net income (loss) available to common stockholders	$	5.66	$	4.95	$	(8.61	)

[1] On June 26, 2019 the Capital Purchase Program warrants issued in 2009 expired.

[2] For additional information, see Note 15 - Equity and Note 19 - Stock Compensation Plans of Notes to Consolidated Financial Statements.

Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per common share includes the dilutive effect of assumed exercise or issuance of warrants and stock-based awards under compensation plans.

In periods where a loss from continuing operations available to common stockholders or net loss available to common stockholders is recognized, inclusion of incremental dilutive shares would be antidilutive. Due to the antidilutive impact, such shares are excluded from the diluted earnings per share calculation of income (loss) from continuing operations, net of tax, available to common stockholders and net income (loss) available to common stockholders in such periods. As a result, for the year

ended December 31, 2017, the Company was required to use basic weighted average common shares outstanding in the diluted calculations, since the inclusion of 4.3 million shares for stock compensation plans and 2.5 million shares for warrants would have been antidilutive to the calculations.

Under the treasury stock method, for warrants and stock-based awards, shares are assumed to be issued and then reduced for the number of shares repurchaseable with theoretical proceeds at the average market price for the period. Contingently issuable shares are included for the number of shares issuable assuming the end of the reporting period was the end of the contingency period, if dilutive.