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Earnings Per Common Share
 9 Months Ended
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)2025202420252024
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 income3,192 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 stock0 0 6 0 
Net income available to common stockholders$3,086 $1,692 $117 $3,423 
Total weighted-average basic common shares outstanding639.0 383.0 510.2 382.8 
Effect of dilutive securities:(1)
Stock options0.1 0.1 0.1 0.2 
Other contingently issuable shares0.4 0.6 0.6 0.7 
Total effect of dilutive securities0.5 0.7 0.7 0.9 
Total weighted-average diluted common shares outstanding639.5 383.7 510.9 383.7 
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.