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Earnings Per Share | 3 Months Ended
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Mar. 31, 2024
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 March 31, |  |  |  |
(Dollars in millions, except per share data; shares in thousands) | 2024 |  | 2023 |  |  |  |  |  |  |  |
Net income | $ | 197 |  |  | $ | 255 |  |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interest | 5 |  |  | 4 |  |  |  |  |  |  |  |  |
Net income attributable to controlling interest | 192 |  |  | 251 |  |  |  |  |  |  |  |  |
Preferred stock dividends | 8 |  |  | 8 |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 184 |  |  | $ | 243 |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding—basic | 554,977 |  |  | 536,938 |  |  |  |  |  |  |  |  |
Effect of dilutive restricted stock, performance equity awards and options | 2,896 |  |  | 7,541 |  |  |  |  |  |  |  |  |
Effect of dilutive convertible preferred stock (a) | — |  |  | 27,512 |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding—diluted | 557,873 |  |  | 571,991 |  |  |  |  |  |  |  |  |
Basic earnings per common share | $ | 0.33 |  |  | $ | 0.45 |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $ | 0.33 |  |  | $ | 0.43 |  |  |  |  |  |  |  |  |
(a) On February 28, 2022, FHN issued $494 million of Series G Convertible Preferred Stock, which was converted into common stock on June 26, 2023, following the termination of the TD Merger Agreement. Conversion occurred at the rate of 4,000 common shares per Series G preferred share resulting in 19,742,776 additional common shares outstanding. 2023 includes the impact of the Series G preferred shares based on the original maximum conversion rate (prior to the termination of the TD Merger Agreement). 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 March 31, |  |  |  |
(Shares in thousands) |  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Stock options excluded from the calculation of diluted EPS |  | 1,652 |  |  | — |  |  |  |  |  |  |  |  |
Weighted average exercise price of stock options excluded from the calculation of diluted EPS |  | $ | 16.53 |  |  | $ | 24.36 |  |  |  |  |  |  |  |  |
Other equity awards excluded from the calculation of diluted EPS |  | 8,382 |  |  | 3,803 |  |  |  |  |  |  |  |  |

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