EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss) per share:
Numerator
Net income (loss)	$	255	$	509	$	1,145	$	1,966
Less: dividends declared - common shares and unvested common shares	(84)		(86)		(253)		(249)
Undistributed earnings	172		423		892		1,717
Percentage allocated to common shareholders (1)	98.8%		98.8%		98.8%		98.8%
	169		418		882		1,697
Add: dividends declared - common shareholders	83		85		250		246
Numerator for basic and diluted earnings per common share	$	252	$	503	$	1,132	$	1,943

Denominator
Denominator for basic earnings per weighted-average common shares	41.4		42.6		41.8		42.8
Effect of dilutive securities:
Options	—		—		—		—
Denominator for diluted earnings per adjusted weighted-average common shares	41.4		42.6		41.8		42.8

Per common share net income (loss)
Basic	$	6.09	$	11.80	$	27.06	$	45.40
Diluted	$	6.09	$	11.80	$	27.06	$	45.40

(1) Basic weighted - average common shares outstanding	41.4		42.6		41.8		42.8
Basic weighted - average common shares outstanding and unvested common shares expected to vest	41.9		43.1		42.3		43.3
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 September 30, 2025 and 2024.