EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025		2024
Net income (loss) per share:
Numerator
Net income (loss)	$	210	$	733
Less: dividends declared - common shares and unvested common shares	(85)		(76)
Undistributed earnings	125		657
Percentage allocated to common shareholders (1)	98.9%		98.9%
	123		649
Add: dividends declared - common shareholders	84		75
Numerator for basic and diluted earnings per common share	$	208	$	725

Denominator
Denominator for basic earnings per weighted-average common shares	42.3		42.9
Effect of dilutive securities:
Options	—		—
Denominator for diluted earnings per adjusted weighted-average common shares	42.3		42.9

Per common share net income (loss)
Basic	$	4.90	$	16.87
Diluted	$	4.90	$	16.87

(1) Basic weighted - average common shares outstanding	42.3		42.9
Basic weighted - average common shares outstanding and unvested common shares expected to vest	42.8		43.4
Percentage allocated to common shareholders	98.9%		98.9%

(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of March 31, 2025 and 2024, respectively.