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Earnings Per Common Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Earnings Per Common Share
3. EARNINGS (LOSS) PER COMMON SHARE
Computation of Basic and Diluted Earnings per Common Share
 For the years ended December 31,
(In millions, except for per share data)202020192018
Earnings
   
Income from continuing operations, net of tax$1,737 $2,085 $1,485 
Less: Preferred stock dividends 21 21 6 
Income from continuing operations, net of tax, available to common stockholders1,716 2,064 1,479 
Income from discontinued operations, net of tax, available to common stockholders— — 322 
Net income available to common stockholders$1,716 $2,064 $1,801 
Shares
   
Weighted average common shares outstanding, basic358.3 360.9 358.4 
Dilutive effect of warrants [1]— 0.5 1.9 
Dilutive effect of stock-based awards under compensation plans2.3 3.5 3.8 
Weighted average common shares outstanding and dilutive potential common shares [2]
360.6 364.9 364.1 
Earnings per common share
   
Basic
   
Income from continuing operations, net of tax, available to common stockholders$4.79 $5.72 $4.13 
Income from discontinued operations, net of tax, available to common stockholders— — 0.90 
Net income available to common stockholders$4.79 $5.72 $5.03 
Diluted
   
Income from continuing operations, net of tax, available to common stockholders$4.76 $5.66 $4.06 
Income from discontinued operations, net of tax, available to common stockholders— — 0.89 
Net income available to common stockholders$4.76 $5.66 $4.95 
[1]On June 26, 2019 the Capital Purchase Program warrants issued in 2009 expired.
[2]For additional information, see Note 16 - Equity and Note 20 - Stock Compensation Plans.
Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the year. Diluted earnings per common share includes the dilutive effect of assumed exercise or issuance of warrants and stock-based awards under compensation plans.
In periods where a loss from continuing operations available to common stockholders or net loss available to common stockholders is recognized, inclusion of incremental dilutive shares would be antidilutive. Due to the antidilutive impact, such shares are excluded from the diluted earnings per share
calculation of income (loss) from continuing operations, net of tax, available to common stockholders and net income (loss) available to common stockholders in such periods.
Under the treasury stock method, for warrants and stock-based awards, shares are assumed to be issued and then reduced for the number of shares repurchasable with theoretical proceeds at the average market price for the period. Contingently issuable shares are included for the number of shares issuable assuming the end of the reporting period was the end of the contingency period, if dilutive.