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Earnings Per Share | 3 Months Ended
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Mar. 31, 2025
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) | 2025 |  | 2024 |  |  |  |  |  |  |  |
Net income | $ | 222 |  |  | $ | 197 |  |  |  |  |  |  |  |  |
Net income attributable to noncontrolling interest | 4 |  |  | 5 |  |  |  |  |  |  |  |  |
Net income attributable to controlling interest | 218 |  |  | 192 |  |  |  |  |  |  |  |  |
Preferred stock dividends | 5 |  |  | 8 |  |  |  |  |  |  |  |
Net income available to common shareholders | $ | 213 |  |  | $ | 184 |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding—basic | 517,116 |  |  | 554,977 |  |  |  |  |  |  |  |  |
Effect of dilutive restricted stock, performance equity awards and options | 6,307 |  |  | 2,896 |  |  |  |  |  |  |  |  |
Weighted average common shares outstanding—diluted | 523,423 |  |  | 557,873 |  |  |  |  |  |  |  |  |
Basic earnings per common share | $ | 0.41 |  |  | $ | 0.33 |  |  |  |  |  |  |  |  |
Diluted earnings per common share | $ | 0.41 |  |  | $ | 0.33 |  |  |  |  |  |  |  |  |
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) |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  |  |  |
Other equity awards excluded from the calculation of diluted EPS |  | 2,396 |  |  | 8,382 |  |  |  |  |  |  |  |  |

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