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Earnings Per Share | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share The computations of basic and diluted earnings per common share were as follows:
EARNINGS PER SHARE COMPUTATIONS
| Three Months Ended June 30, |  | Six Months Ended June 30,
(Dollars in millions, except per share data; shares in thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Net income | $ | 177 |  |  | $ | 311 |  |  | $ | 374 |  |  | $ | 546 |
Net income attributable to noncontrolling interest | 3 |  |  | 3 |  |  | 6 |  |  | 6 |
Net income attributable to controlling interest | 174 |  | 308 |  | 368 |  | 540 |
Preferred stock dividends | 8 |  | 13 |  | 16 |  |  | 21 |
Net income available to common shareholders | $ | 166 |  |  | $ | 295 |  |  | $ | 352 |  |  | $ | 519 |
Weighted average common shares outstanding—basic | 534,604 |  |  | 550,297 |  |  | 533,915 |  |  | 551,268 |
Effect of dilutive restricted stock, performance equity awards and options | 7,319 |  |  | 5,913 |  |  | 7,223 |  |  | 5,230 |
Effect of dilutive convertible preferred stock (a) | 27,512 |  |  | — |  |  | 18,696 |  |  | — |
Weighted average common shares outstanding—diluted | 569,435 |  |  | 556,210 |  |  | 559,834 |  |  | 556,498 |
Basic earnings per common share | $ | 0.31 |  |  | $ | 0.54 |  |  | $ | 0.66 |  |  | $ | 0.94 |
Diluted earnings per common share | $ | 0.29 |  |  | $ | 0.53 |  |  | $ | 0.63 |  |  | $ | 0.93 |
(a) During the first quarter of 2022, FHN issued $494 million of Series G Convertible Preferred Stock, which is convertible into common stock upon completion of the Proposed TD Merger or the termination of the TD Merger Agreement. For more information on the convertible features, including the conversion rate, see Note 7 - Preferred Stock. The following table presents average outstanding options and other equity awards that were excluded from the calculation of diluted earnings per share because they were either anti-dilutive (the exercise price was higher than the weighted-average market price for the period) or the performance conditions have not been met:
ANTI-DILUTIVE EQUITY AWARDS
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(Shares in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Stock options excluded from the calculation of diluted EPS |  | 23 |  |  | 1,516 |  |  | 48 |  |  | 1,544 |
Weighted average exercise price of stock options excluded from the calculation of diluted EPS |  | $ | 27.88 |  |  | $ | 20.98 |  |  | $ | 25.60 |  |  | $ | 20.97 |
Other equity awards excluded from the calculation of diluted EPS |  | 1,892 |  |  | 1,379 |  |  | 1,231 |  |  | 1,387 |

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