EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2023

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.