EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income (loss) per share:
Numerator
Net income (loss)	$	680	$	724	$	890	$	1,457
Less: dividends declared - common shares and unvested common shares	(84)		(87)		(169)		(163)
Undistributed earnings	596		637		721		1,294
Percentage allocated to common shareholders (1)	98.8%		98.8%		98.8%		98.8%
	589		630		713		1,279
Add: dividends declared - common shareholders	83		86		167		161
Numerator for basic and diluted earnings per common share	$	672	$	715	$	880	$	1,440

Denominator
Denominator for basic earnings per weighted-average common shares	41.8		42.8		42.0		42.9
Effect of dilutive securities:
Options	—		—		—		—
Denominator for diluted earnings per adjusted weighted-average common shares	41.8		42.8		42.0		42.9

Per common share net income (loss)
Basic	$	16.10	$	16.70	$	20.93	$	33.57
Diluted	$	16.10	$	16.70	$	20.93	$	33.57

(1) Basic weighted - average common shares outstanding	41.8		42.8		42.0		42.9
Basic weighted - average common shares outstanding and unvested common shares expected to vest	42.3		43.4		42.5		43.4
Percentage allocated to common shareholders	98.8%		98.8%		98.8%		98.8%

(Some amounts may not reconcile due to rounding.)

There were no options outstanding as of June 30, 2025 and 2024, respectively.