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Net Income Per Common Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Net Income Per Common Share NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are presented in the following table.
(in millions, except per share data)
Years Ended December 31202220212020
Basic and diluted
Net income$1,151 $1,168 $497 
Less:
Income allocated to participating securities6 5 2 
Preferred stock dividends23 23 13 
Net income attributable to common shares$1,122 $1,140 $482 
Basic average common shares131 135 139 
Basic net income per common share$8.56 $8.45 $3.45 
Basic average common shares131 135 139 
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards2 2 1 
Diluted average common shares133 137 140 
Diluted net income per common share$8.47 $8.35 $3.43 
Declared dividends on preferred stock are excluded from net income attributable to common shares. Refer to Note 13 for further information on preferred stock.
The following average shares related to outstanding options to purchase shares of common stock were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period.
(average outstanding options in thousands)
Years Ended December 31202220212020
Average outstanding options5434381,498
Range of exercise prices
$70.18 - $95.25
$79.01 - $95.25
$49.20 - $95.25