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Earnings Per Common Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Common Share [Abstract] |
Earnings Per Common Share | 6. EARNINGS PER COMMON SHARE Basic earnings per share are calculated by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if options granted under various share-based compensation plans were exercised resulting in the issuance of common shares that would participate in the earnings of the entity. Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions, except per share amounts) 2022 2021 2022 2021 Net income (loss) per share: Numerator Net income (loss) $ (319) $ (73) $ 101 $ 948 Less: dividends declared-common shares and unvested common shares (65) (61) (191) (186) Undistributed earnings (384) (135) (90) 763 Percentage allocated to common shareholders (1) 100.0 % 100.0 % 98.7 % 98.7 % (384) (135) (88) 752 Add: dividends declared-common shareholders 65 61 188 183 Numerator for basic and diluted earnings per common share $ (319) $ (73) $ 100 $ 936 Denominator Denominator for basic earnings per weighted-average common shares 38.8 39.2 38.8 39.4 Effect of dilutive securities: Options - - - - Denominator for diluted earnings per adjusted weighted-average common shares 38.8 39.2 38.8 39.5 Per common share net income (loss) Basic $ (8.22) $ (1.88) $ 2.57 $ 23.74 Diluted $ (8.22) $ (1.88) $ 2.57 $ 23.72 (1) Basic weighted-average common shares outstanding 38.8 39.2 38.8 39.4 Basic weighted-average common shares outstanding and unvested common shares expected to vest 38.8 39.2 39.4 39.9 Percentage allocated to common shareholders 100.0 % 100.0 % 98.7 % 98.7 % (Some amounts may not reconcile due to rounding.) There were no material anti-diluted options outstanding for the three and nine months ended September 30, 2022 and 2021. During the three months ended September 30, 2022 and 2021, the Company did not exclude the dividends declared to unvested common shares as doing so would have an anti-dilutive effect on the numerator for basic and diluted earnings per common share. Options granted under share-based compensation plans have all expired as of September 19, 2022 .

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
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