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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
We calculate basic earnings per share by dividing net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows our computation:

Basic and diluted earnings per share
Year Ended December 31,
(in millions, except per share data)202420232022
Net income$3,457 $4,609 $1,318 
Basic weighted average shares outstanding641 639 638 
Dilutive effect of share-based instruments7 4 3 
Diluted weighted average shares outstanding648 643 641 
Basic earnings per share$5.39 $7.21 $2.07 
Diluted earnings per share$5.33 $7.17 $2.06