EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

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 March 31,
(Dollars in millions, except per share amounts)		2024		2023
Net income (loss) per share:
Numerator
Net income (loss)		$	733	$	365
Less: dividends declared - common shares and unvested common shares		(76)		(65)
Undistributed earnings		657		300
Percentage allocated to common shareholders (1)		98.9%		98.7%
		649		296
Add: dividends declared - common shareholders		75		64
Numerator for basic and diluted earnings per common share		$	725	$	360

Denominator
Denominator for basic earnings per weighted-average common shares		42.9		38.7
Effect of dilutive securities:
Options		—		—
Denominator for diluted earnings per adjusted weighted-average common shares		42.9		38.7

Per common share net income (loss)
Basic		$	16.87	$	9.31
Diluted		$	16.87	$	9.31

(1) Basic weighted - average common shares outstanding		42.9		38.7
Basic weighted - average common shares outstanding and unvested common shares expected to vest		43.4		39.2
Percentage allocated to common shareholders		98.9%		98.7%

(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of March 31, 2024 and 2023, respectively.