Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Computation of Basic and Diluted 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, 2025, 2024 and 2023. 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 13.1: Computation of Basic and Diluted Earnings per Common Share


	Year Ended December 31,
(Dollars and shares in millions, except per share data)		2025		2024		2023
Income from continuing operations, net of tax		$	2,088	$	4,747	$	4,887
Income from discontinued operations, net of tax		365		3		0
Net income		2,453		4,750		4,887
Dividends and undistributed earnings allocated to participating securities		(26)		(77)		(77)
Preferred stock dividends		(252)		(228)		(228)
Discount on redeemed preferred stock		6		0		0

Net income available to common stockholders		$	2,181	$	4,445	$	4,582

Total weighted-average basic common shares outstanding		540.7		382.7		382.4
Effect of dilutive securities:(1)
Stock options		0.1		0.2		0.1
Other contingently issuable shares		0.5		0.7		0.9
Total effect of dilutive securities		0.6		0.9		1.0
Total weighted-average diluted common shares outstanding		541.3		383.6		383.4
Basic earnings per common share:
Net income from continuing operations		$	3.36	$	11.60	$	11.98
Net income from discontinued operations		0.67		0.01		0.00
Net income per basic common share		$	4.03	$	11.61	$	11.98
Diluted earnings per common share:(1)
Net income from continuing operations		$	3.36	$	11.58	$	11.95
Net income from discontinued operations		0.67		0.01		0.00
Net income per diluted common share		$	4.03	$	11.59	$	11.95

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(1)Excluded from the computation of diluted earnings per share were awards of 20 thousand shares, 32 thousand shares and 27 thousand shares for the years ended December 31, 2025, 2024 and 2023, respectively, because their inclusion would be anti-dilutive. There were no options excluded from the computation for the years ended December 31, 2025, 2024 and 2023.