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Earnings Per Common Share | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30, |  |
(Dollars and shares in millions, except per share data) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Income from continuing operations, net of tax |  | $ | 3,193 |  |  | $ | 1,777 |  |  | $ | 334 |  |  | $ | 3,654 |  |  |  |  |
Loss from discontinued operations, net of tax |  | (1) |  |  | 0 |  |  | (15) |  |  | 0 |  |  |  |  |
Net income |  | 3,192 |  |  | 1,777 |  |  | 319 |  |  | 3,654 |  |  |  |  |
Dividends and undistributed earnings allocated to participating securities |  | (33) |  |  | (28) |  |  | (13) |  |  | (60) |  |  |  |  |
Preferred stock dividends |  | (73) |  |  | (57) |  |  | (195) |  |  | (171) |  |  |  |  |
Discount on redeemed preferred stock |  | 0 |  |  | 0 |  |  | 6 |  |  | 0 |  |  |  |  |
Net income available to common stockholders |  | $ | 3,086 |  |  | $ | 1,692 |  |  | $ | 117 |  |  | $ | 3,423 |  |  |  |  |
Total weighted-average basic common shares outstanding |  | 639.0 |  |  | 383.0 |  |  | 510.2 |  |  | 382.8 |  |  |  |  |
Effect of dilutive securities:(1) |  |  |  |  |  |  |  |  |  |  |  |
Stock options |  | 0.1 |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  |  |  |
Other contingently issuable shares |  | 0.4 |  |  | 0.6 |  |  | 0.6 |  |  | 0.7 |  |  |  |  |
Total effect of dilutive securities |  | 0.5 |  |  | 0.7 |  |  | 0.7 |  |  | 0.9 |  |  |  |  |
Total weighted-average diluted common shares outstanding |  | 639.5 |  |  | 383.7 |  |  | 510.9 |  |  | 383.7 |  |  |  |  |
Basic earnings per common share: |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 4.83 |  |  | $ | 4.42 |  |  | $ | 0.26 |  |  | $ | 8.94 |  |  |  |  |
Net loss from discontinued operations |  | 0.00 |  |  | 0.00 |  |  | (0.03) |  |  | 0.00 |  |  |  |  |
Net income per basic common share |  | $ | 4.83 |  |  | $ | 4.42 |  |  | $ | 0.23 |  |  | $ | 8.94 |  |  |  |  |
Diluted earnings per common share:(1) |  |  |  |  |  |  |  |  |  |  |  |
Net income from continuing operations |  | $ | 4.83 |  |  | $ | 4.41 |  |  | $ | 0.26 |  |  | $ | 8.92 |  |  |  |  |
Net loss from discontinued operations |  | 0.00 |  |  | 0.00 |  |  | (0.03) |  |  | 0.00 |  |  |  |  |
Net income per diluted common share |  | $ | 4.83 |  |  | $ | 4.41 |  |  | $ | 0.23 |  |  | $ | 8.92 |  |  |  |  |
__________ (1)Excluded from the computation of diluted earnings per share were awards of 26 thousand and 43 thousand shares for the nine months ended September 30, 2025 and 2024, respectively, because their inclusion would be anti-dilutive. There were no awards excluded from the computation of dilutive earning per share for the three months ended September 30, 2025 and 2024.

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