EARNINGS PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2024

Net income (loss) per common share has been computed as shown 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)	2024		2023		2024		2023
Net income (loss) per share:
Numerator
Net income (loss)	$	724	$	670	$	1,457	$	1,035
Less: dividends declared - common shares and unvested common shares	(87)		(72)		(163)		(136)
Undistributed earnings	637		599		1,294		899
Percentage allocated to common shareholders (1)	98.8%		98.8%		98.8%		98.8%
	630		591		1,279		888
Add: dividends declared - common shareholders	86		71		161		135
Numerator for basic and diluted earnings per common share	$	715	$	662	$	1,440	$	1,022

Denominator
Denominator for basic earnings per weighted-average common shares	42.8		40.7		42.9		39.7
Effect of dilutive securities:
Options	—		—		—		—
Denominator for diluted earnings per adjusted weighted-average common shares	42.8		40.7		42.9		39.7

Per common share net income (loss)
Basic	$	16.70	$	16.26	$	33.57	$	25.74
Diluted	$	16.70	$	16.26	$	33.57	$	25.74

(1) Basic weighted - average common shares outstanding	42.8		40.7		42.9		39.7
Basic weighted - average common shares outstanding and unvested common shares expected to vest	43.4		41.2		43.4		40.2
Percentage allocated to common shareholders	98.8%		98.8%		98.8%		98.8%

(Some amounts may not reconcile due to rounding.)