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EARNINGS PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHAREBasic 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 June 30, |  | Six Months Ended June 30,
(Dollars in millions, except per share amounts) | 2023 |  | 2022 |  | 2023 |  | 2022
Net income (loss) per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income (loss) | $ | 670 |  |  | $ | 123 |  |  | $ | 1,035 |  |  | $ | 420 |
Less: dividends declared - common shares and unvested common shares | (72) |  |  | (65) |  |  | (136) |  |  | (126) |
Undistributed earnings | 599 |  |  | 58 |  |  | 899 |  |  | 294 |
Percentage allocated to common shareholders (1) | 98.8 | % |  | 98.6 | % |  | 98.8 | % |  | 98.7 | %
| 591 |  |  | 57 |  |  | 888 |  |  | 290 |
Add: dividends declared - common shareholders | 71 |  |  | 64 |  |  | 135 |  |  | 124 |
Numerator for basic and diluted earnings per common share | $ | 662 |  |  | $ | 121 |  |  | $ | 1,022 |  |  | $ | 415 |
Denominator |  |  |  |  |  |  |
Denominator for basic earnings per weighted-average common shares | 40.7 |  | 38.9 |  | 39.7 |  | 38.9
Effect of dilutive securities: |  |  |  |  |  |  |
Options | — |  | — |  | — |  | —
Denominator for diluted earnings per adjusted weighted-average common shares | 40.7 |  | 38.9 |  | 39.7 |  | 38.9
Per common share net income (loss) |  |  |  |  |  |  |
Basic | $ | 16.26 |  |  | $ | 3.11 |  |  | $ | 25.74 |  |  | $ | 10.67 |
Diluted | $ | 16.26 |  |  | $ | 3.11 |  |  | $ | 25.74 |  |  | $ | 10.67 |
(1) Basic weighted - average common shares outstanding | 40.7 |  | 38.9 |  | 39.7 |  | 38.9
Basic weighted - average common shares outstanding and unvested common shares expected to vest | 41.2 |  | 39.4 |  | 40.2 |  | 39.4
Percentage allocated to common shareholders | 98.8 | % |  | 98.6 | % |  | 98.8 | % |  | 98.7 | %
(Some amounts may not reconcile due to rounding.) There were no options outstanding as of June 30, 2023. 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 -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3 + Details
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