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Earnings Per Common Share | 12 Months Ended
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Dec. 31, 2024
Earnings Per Share [Abstract] |
Earnings Per Common Share |
NOTE 13—EARNINGS PER COMMON SHARE
The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2024, 2023 and 2022. 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 13.1: Computation of Basic and Diluted Earnings per Common Share
|  |  |  | Year Ended December 31, |  |
(Dollars and shares in millions, except per share data) |  |  |  |  |  | 2024 |  | 2023 |  | 2022 |  |
Net income |  |  |  |  |  | $ | 4,750 |  |  | $ | 4,887 |  |  | $ | 7,360 |  |  |
Dividends and undistributed earnings allocated to participating securities |  |  |  |  |  | (77) |  |  | (77) |  |  | (88) |  |  |
Preferred stock dividends |  |  |  |  |  | (228) |  |  | (228) |  |  | (228) |  |  |
Net income available to common stockholders |  |  |  |  |  | $ | 4,445 |  |  | $ | 4,582 |  |  | $ | 7,044 |  |  |
Total weighted-average basic common shares outstanding |  |  |  |  |  | 382.7 |  |  | 382.4 |  |  | 391.8 |  |  |
Effect of dilutive securities:(1) |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  |  |  |  |  | 0.2 |  |  | 0.1 |  |  | 0.3 |  |  |
Other contingently issuable shares |  |  |  |  |  | 0.7 |  |  | 0.9 |  |  | 1.1 |  |  |
Total effect of dilutive securities |  |  |  |  |  | 0.9 |  |  | 1.0 |  |  | 1.4 |  |  |
Total weighted-average diluted common shares outstanding |  |  |  |  |  | 383.6 |  |  | 383.4 |  |  | 393.2 |  |  |
Basic earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  |  |  |  |  | $ | 11.60 |  |  | $ | 11.98 |  |  | $ | 17.98 |  |  |
Income (loss) from discontinued operations |  |  |  |  |  | 0.01 |  |  | 0.00 |  |  | 0.00 |  |  |
Net income per basic common share |  |  |  |  |  | $ | 11.61 |  |  | $ | 11.98 |  |  | $ | 17.98 |  |  |
Diluted earnings per common share:(1) |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  |  |  |  |  | $ | 11.58 |  |  | $ | 11.95 |  |  | $ | 17.91 |  |  |
Income (loss) from discontinued operations |  |  |  |  |  | 0.01 |  |  | 0.00 |  |  | 0.00 |  |  |
Net income per diluted common share |  |  |  |  |  | $ | 11.59 |  |  | $ | 11.95 |  |  | $ | 17.91 |  |  |
__________ (1)Excluded from the computation of diluted earnings per share were awards of 32 thousand shares, 27 thousand shares and 24 thousand shares for the years ended December 31, 2024, 2023 and 2022, respectively, because their inclusion would be anti-dilutive. There were no options excluded from the computation for the years ended December 31, 2024, 2023 and 2022.

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