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Earnings Per Common Share | 6 Months Ended
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Jun. 30, 2021
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) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  |  |  |
Income (loss) from continuing operations, net of tax |  | $ | 3,537 |  |  | $ | (917) |  |  | $ | 6,864 |  |  | $ | (2,257) |  |  |  |  |
Loss from discontinued operations, net of tax |  | (1) |  |  | (1) |  |  | (3) |  |  | (1) |  |  |  |  |
Net income (loss) |  | 3,536 |  |  | (918) |  |  | 6,861 |  |  | (2,258) |  |  |  |  |
Dividends and undistributed earnings allocated to participating securities |  | (30) |  |  | (1) |  |  | (58) |  |  | (4) |  |  |  |  |
Preferred stock dividends |  | (60) |  |  | (90) |  |  | (121) |  |  | (145) |  |  |  |  |
Issuance cost for redeemed preferred stock |  | 0 |  |  | 0 |  |  | 0 |  |  | (22) |  |  |  |  |
Net income (loss) available to common stockholders |  | $ | 3,446 |  |  | $ | (1,009) |  |  | $ | 6,682 |  |  | $ | (2,429) |  |  |  |  |
Total weighted-average basic common shares outstanding |  | 450.6 |  |  | 456.7 |  |  | 454.6 |  |  | 457.1 |  |  |  |  |
Effect of dilutive securities:(1) |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | 0.8 |  |  | 0.0 |  |  | 0.8 |  |  | 0.0 |  |  |  |  |
Other contingently issuable shares |  | 0.9 |  |  | 0.0 |  |  | 0.8 |  |  | 0.0 |  |  |  |  |
Total effect of dilutive securities |  | 1.7 |  |  | 0.0 |  |  | 1.6 |  |  | 0.0 |  |  |  |  |
Total weighted-average diluted common shares outstanding |  | 452.3 |  |  | 456.7 |  |  | 456.2 |  |  | 457.1 |  |  |  |  |
Basic earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | 7.65 |  |  | $ | (2.21) |  |  | $ | 14.70 |  |  | $ | (5.31) |  |  |  |  |
Net income (loss) per basic common share |  | $ | 7.65 |  |  | $ | (2.21) |  |  | $ | 14.70 |  |  | $ | (5.31) |  |  |  |  |
Diluted earnings per common share:(1) |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) from continuing operations |  | $ | 7.62 |  |  | $ | (2.21) |  |  | $ | 14.65 |  |  | $ | (5.31) |  |  |  |  |
Net income (loss) per diluted common share |  | $ | 7.62 |  |  | $ | (2.21) |  |  | $ | 14.65 |  |  | $ | (5.31) |  |  |  |  |
__________ (1)For the three months ended June 30, 2021, no shares were excluded from the computation of diluted earnings per share. F or the six months ended June 30, 2021, awards of 51 thousand shares were excluded from the computation of diluted earnings per share because their inclusion would be anti-dil utive. In periods of net loss available to common stockholders, dilutive securities are excluded as their inclusion would have an anti-dilutive effect. Accordingly, for the three and six months ended June 30, 2020, 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 from the computation of diluted earnings per share

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