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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2020
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 application of the “two-class” method as described in “Note 1—Summary of Significant Accounting Policies.”
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)202020192018
Income from continuing operations, net of tax$2,717 $5,533 $6,025 
Income (loss) from discontinued operations, net of tax(3)13 (10)
Net income2,714 5,546 6,015 
Dividends and undistributed earnings allocated to participating securities(20)(41)(40)
Preferred stock dividends(280)(282)(265)
Issuance cost for redeemed preferred stock(39)(31)0 
Net income available to common stockholders$2,375 $5,192 $5,710 
Total weighted-average basic common shares outstanding457.8 467.6 479.9 
Effect of dilutive securities:
Stock options0.6 1.3 1.6 
Other contingently issuable shares0.5 1.0 1.1 
Warrants(1)
0.0 0.0 0.5 
Total effect of dilutive securities1.1 2.3 3.2 
Total weighted-average diluted common shares outstanding458.9 469.9 483.1 
Basic earnings per common share:
Net income from continuing operations$5.20 $11.07 $11.92 
Income (loss) from discontinued operations(0.01)0.03 (0.02)
Net income per basic common share$5.19 $11.10 $11.90 
Diluted earnings per common share:(2)
Net income from continuing operations$5.19 $11.02 $11.84 
Income (loss) from discontinued operations(0.01)0.03 (0.02)
Net income per diluted common share$5.18 $11.05 $11.82 
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(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 awards of 6 thousand and options of 523 thousand with an exercise price ranging from $63.73 to $86.34, 69 thousand shares related to options with an exercise price of $86.34 and 56 thousand shares related to options with an exercise price of $86.34 for the years ended December 31, 2020, 2019 and 2018, respectively, because their inclusion would be anti-dilutive.