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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Common Share
NOTE 11—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 and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total.
Table 11.1: 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)2025202420252024
Income (loss) from continuing operations, net of tax$(4,263)$597 $(2,859)$1,877 
Loss from discontinued operations, net of tax
(14)0 (14)0 
Net income (loss)(4,277)597 (2,873)1,877 
Dividends and undistributed earnings allocated to participating securities(4)(9)(9)(32)
Preferred stock dividends(65)(57)(122)(114)
Discount on redeemed preferred stock6 0 6 0 
Net income (loss) available to common stockholders$(4,340)$531 $(2,998)$1,731 
Total weighted-average basic common shares outstanding505.6 383.1 444.7 382.7 
Effect of dilutive securities:(1)
Stock options0.0 0.2 0.0 0.2 
Other contingently issuable shares0.0 0.6 0.0 0.8 
Total effect of dilutive securities0.0 0.8 0.0 1.0 
Total weighted-average diluted common shares outstanding505.6 383.9 444.7 383.7 
Basic earnings per common share:
Net income (loss) from continuing operations$(8.55)$1.39 $(6.71)$4.52 
Net loss from discontinued operations
(0.03)0.00 (0.03)0.00 
Net income (loss) per basic common share$(8.58)$1.39 $(6.74)$4.52 
Diluted earnings per common share:(1)
Net income (loss) from continuing operations$(8.55)$1.38 $(6.71)$4.51 
Net loss from discontinued operations
(0.03)0.00 (0.03)0.00 
Net income (loss) per diluted common share$(8.58)$1.38 $(6.74)$4.51 
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(1)In periods of net loss, dilutive securities are excluded as their inclusion would be anti-dilutive. Accordingly, excluded from the computation of diluted earning per share were awards of 862 thousand shares and options of 214 thousand shares with an exercise price ranging from $63.73 and $86.34 and awards of 863 thousand shares and options of 216 thousand shares with an exercise price ranging from $63.73 and $86.34 for the three and six months ended June 30, 2025, respectively. There were no awards excluded from the computation of dilutive earning per share for the three months ended June 30, 2024. Excluded from the computation of diluted earnings per share were awards of 64 thousand shares for the six months ended June 30, 2024, because their inclusion would be anti-dilutive.