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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Earnings Per Common Share
NOTE 12—EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share. Dividends and undistributed earnings allocated to participating securities represent the undistributed earnings allocated to participating securities using the two-class method permitted by U.S. GAAP for computing earnings per share.
Table 12.1: Computation of Basic and Diluted Earnings per Common Share
 
 
Year Ended December 31,
(Dollars and shares in millions, except per share data)
 
2019
 
2018
 
2017
Income from continuing operations, net of tax
 
$
5,533

 
$
6,025

 
$
2,117

Income (loss) from discontinued operations, net of tax
 
13

 
(10
)
 
(135
)
Net income
 
5,546

 
6,015

 
1,982

Dividends and undistributed earnings allocated to participating securities
 
(41
)
 
(40
)
 
(13
)
Preferred stock dividends
 
(282
)
 
(265
)
 
(265
)
Issuance cost for redeemed preferred stock
 
(31
)
 
0

 
0

Net income available to common stockholders
 
$
5,192

 
$
5,710

 
$
1,704

 
 
 
 
 
 
 
Total weighted-average basic shares outstanding
 
467.6

 
479.9

 
484.2

Effect of dilutive securities:
 
 
 
 
 
 
Stock options
 
1.3

 
1.6

 
2.5

Other contingently issuable shares
 
1.0

 
1.1

 
1.2

Warrants(1)
 
0.0

 
0.5

 
0.7

Total effect of dilutive securities
 
2.3

 
3.2

 
4.4

Total weighted-average diluted shares outstanding
 
469.9

 
483.1

 
488.6

Basic earnings per common share:
 
 
 
 
 
 
Net income from continuing operations
 
$
11.07

 
$
11.92

 
$
3.80

Income (loss) from discontinued operations
 
0.03

 
(0.02
)
 
(0.28
)
Net income per basic common share
 
$
11.10

 
$
11.90

 
$
3.52

Diluted earnings per common share:(2)
 
 
 
 
 
 
Net income from continuing operations
 
$
11.02

 
$
11.84

 
$
3.76

Income (loss) from discontinued operations
 
0.03

 
(0.02
)
 
(0.27
)
Net income per diluted common share
 
$
11.05

 
$
11.82

 
$
3.49

__________
(1) 
Represents warrants issued as part of the U.S. Department of Treasury’s Troubled Assets Relief Program which were either exercised or expired on November 14, 2018.
(2) 
Excluded from the computation of diluted earnings per share were 69 thousand shares related to options with exercise price of $86.34, 56 thousand shares related to options with an exercise price of $86.34 and 233 thousand shares related to options with exercise prices ranging from $82.08 to $86.34 for the years ended December 31, 2019, 2018 and 2017, respectively, because their inclusion would be anti-dilutive.