Earnings Per Common Share

9 Months Ended

Sep. 30, 2025

NOTE 7. EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic earnings per common share and diluted earnings per common share:


	Three Months Ended September 30				Nine Months Ended September 30
	2025		2024		2025		2024
	(In millions, except per share data)
Numerator:
Net income	$	569	$	490	$	1,622	$	1,359
Preferred stock dividends and other (1)	(21)		(44)		(75)		(93)


Net income available to common shareholders	$	548	$	446	$	1,547	$	1,266
Denominator:
Weighted-average common shares outstanding—basic	$	890	$	914	$	898	$	917
Potential common shares	4		4		4		2
Weighted-average common shares outstanding—diluted	$	894	$	918	$	902	$	919






Earnings per common share:
Basic	$	0.62	$	0.49	$	1.72	$	1.38
Diluted	$	0.61	$	0.49	$	1.72	$	1.38

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(1) Preferred stock dividends and other for the nine months ended September 30, 2025 included $4 million of issuance costs associated with the redemption of Series D preferred shares in the second quarter of 2025. Preferred stock dividends and other for the three and nine months ended September 30, 2024 included $15 million of issuance costs associated with the redemption of Series B preferred shares in the third quarter of 2024. See Note 6 for additional information.

The effects from the assumed exercise of restricted stock units and performance stock units totaling 4 million for both the three and nine months ended September 30, 2025 were not included in the above computations of diluted earnings per common share because such amounts would have had an antidilutive effect on earnings per common share.

The effects from the assumed exercise of 4 million and 5 million in restricted stock units and awards and performance stock units for the three and nine months ended September 30, 2024, respectively, were not included in the above computations of diluted earnings per common share because such amounts would have had an antidilutive effect on earnings per common share.