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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE 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 shown below, based upon weighted average common basic and dilutive shares outstanding.
(Dollars in millions, except per share amounts) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net income (loss) per share: |  |  |  |  |  |  |
Numerator |  |  |  |  |  |  |
Net income (loss) | $ | 509 |  | $ | 678 |  | $ | 1,966 |  | $ | 1,713
Less: dividends declared - common shares and unvested common shares | (86) |  | (76) |  | (249) |  | (212)
Undistributed earnings | 423 |  | 602 |  | 1,717 |  | 1,501
Percentage allocated to common shareholders (1) | 98.8% |  | 98.9% |  | 98.8% |  | 98.8%
| 418 |  | 595 |  | 1,697 |  | 1,483
Add: dividends declared - common shareholders | 85 |  | 75 |  | 246 |  | 210
Numerator for basic and diluted earnings per common share | $ | 503 |  | $ | 671 |  | $ | 1,943 |  | $ | 1,693
Denominator |  |  |  |  |  |  |
Denominator for basic earnings per weighted-average common shares | 42.6 |  | 42.9 |  | 42.8 |  | 40.8
Effect of dilutive securities: |  |  |  |  |  |  |
Options | — |  | — |  | — |  | —
Denominator for diluted earnings per adjusted weighted-average common shares | 42.6 |  | 42.9 |  | 42.8 |  | 40.8
Per common share net income (loss) |  |  |  |  |  |  |
Basic | $ | 11.80 |  | $ | 15.63 |  | $ | 45.40 |  | $ | 41.49
Diluted | $ | 11.80 |  | $ | 15.63 |  | $ | 45.40 |  | $ | 41.49
(1) Basic weighted - average common shares outstanding | 42.6 |  | 42.9 |  | 42.8 |  | 40.8
Basic weighted - average common shares outstanding and unvested common shares expected to vest | 43.1 |  | 43.4 |  | 43.3 |  | 41.3
Percentage allocated to common shareholders | 98.8% |  | 98.9% |  | 98.8% |  | 98.8%
(Some amounts may not reconcile due to rounding.) There were no options outstanding as of September 30, 2024 and 2023, respectively.

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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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