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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Common Share |
NOTE 10—EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share. Table 10.1: Computation of Basic and Diluted Earnings per Common Share
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars and shares in millions, except per share data) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Income (loss) from continuing operations, net of tax |  | $ | (917 | ) |  | $ | 1,616 |  |  | $ | (2,257 | ) |  | $ | 3,026 |
Income (loss) from discontinued operations, net of tax |  | (1 | ) |  | 9 |  |  | (1 | ) |  | 11 |
Net income (loss) |  | (918 | ) |  | 1,625 |  |  | (2,258 | ) |  | 3,037 |
Dividends and undistributed earnings allocated to participating securities |  | (1 | ) |  | (12 | ) |  | (4 | ) |  | (24 | )
Preferred stock dividends |  | (90 | ) |  | (80 | ) |  | (145 | ) |  | (132 | )
Issuance cost for redeemed preferred stock |  | 0 |  |  | 0 |  |  | (22 | ) |  | 0 |
Net income (loss) available to common stockholders |  | $ | (1,009 | ) |  | $ | 1,533 |  |  | $ | (2,429 | ) |  | $ | 2,881 |
Total weighted-average basic common shares outstanding |  | 456.7 |  |  | 470.8 |  |  | 457.1 |  |  | 470.1 |
Effect of dilutive securities:(1) |  |  |  |  |  |  |  |
Stock options |  | 0.0 |  |  | 1.3 |  |  | 0.0 |  |  | 1.2 |
Other contingently issuable shares |  | 0.0 |  |  | 0.9 |  |  | 0.0 |  |  | 1.0 |
Total effect of dilutive securities |  | 0.0 |  |  | 2.2 |  |  | 0.0 |  |  | 2.2 |
Total weighted-average diluted common shares outstanding |  | 456.7 |  |  | 473.0 |  |  | 457.1 |  |  | 472.3 |
Basic earnings per common share: |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (2.21 | ) |  | $ | 3.24 |  |  | $ | (5.31 | ) |  | $ | 6.11 |
Income from discontinued operations |  | 0.00 |  |  | 0.02 |  |  | 0.00 |  |  | 0.02 |
Net income (loss) per basic common share |  | $ | (2.21 | ) |  | $ | 3.26 |  |  | $ | (5.31 | ) |  | $ | 6.13 |
Diluted earnings per common share:(1) |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | (2.21 | ) |  | $ | 3.22 |  |  | $ | (5.31 | ) |  | $ | 6.08 |
Income from discontinued operations |  | 0.00 |  |  | 0.02 |  |  | 0.00 |  |  | 0.02 |
Net income (loss) per diluted common share |  | $ | (2.21 | ) |  | $ | 3.24 |  |  | $ | (5.31 | ) |  | $ | 6.10 |
__________ (1) In periods of net loss, dilutive securities are excluded as their inclusion would have an anti-dilutive effect. Accordingly, awards of 362 thousand shares and options of 2.6 million shares with an exercise price ranging from $45.75 to $86.34 and awards of 956 thousand shares and options of 2.7 million shares with an exercise price ranging from $36.55 to $86.34 were excluded for the three and six months ended June 30, 2020, respectively. For the three months ended June 30, 2019, no shares were excluded from the computation of diluted earnings per share. For the six months ended June 30, 2019, 137 thousand shares related to options with an exercise price of $86.34 were excluded from the computation of diluted earnings per share, because their inclusion would be anti-dilutive.

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