EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(Dollars in millions, except per share amounts)	2023			2022			2023			2022
Net income (loss) per share:
Numerator
Net income (loss)	$	678		$	(319)		$	1,713		$	101
Less: dividends declared - common shares and unvested common shares	(76)			(65)			(212)			(191)
Undistributed earnings	602			(384)			1,501			(90)
Percentage allocated to common shareholders (1)	98.9		%	100.0		%	98.8		%	98.7		%
	595			(384)			1,483			(88)
Add: dividends declared - common shareholders	75			65			210			188
Numerator for basic and diluted earnings per common share	$	671		$	(319)		$	1,693		$	100

Denominator
Denominator for basic earnings per weighted-average common shares	42.9			38.8			40.8			38.8
Effect of dilutive securities:
Options	—			—			—			—
Denominator for diluted earnings per adjusted weighted-average common shares	42.9			38.8			40.8			38.8

Per common share net income (loss)
Basic	$	15.63		$	(8.22)		$	41.49		$	2.57
Diluted	$	15.63		$	(8.22)		$	41.49		$	2.57

(1) Basic weighted - average common shares outstanding	42.9			38.8			40.8			38.8
Basic weighted - average common shares outstanding and unvested common shares expected to vest	43.4			38.8			41.3			39.4
Percentage allocated to common shareholders	98.9		%	100.0		%	98.8		%	98.7		%

(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of September 30, 2023. Options granted under share-based compensation plans have all expired as of September 19, 2022.