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Net Income Per Common Share | 12 Months Ended
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Dec. 31, 2023
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 31 | 2023 |  | 2022 |  | 2021
Basic and diluted |  |  |  |  |
Net income | $ | 881 |  |  | $ | 1,151 |  |  | $ | 1,168 |
Less: |  |  |  |  |
Income allocated to participating securities | 4 |  |  | 6 |  |  | 5 |
Preferred stock dividends | 23 |  |  | 23 |  |  | 23 |
Net income attributable to common shares | $ | 854 |  |  | $ | 1,122 |  |  | $ | 1,140 |
Basic average common shares | 132 |  |  | 131 |  |  | 135 |
Basic net income per common share | $ | 6.47 |  |  | $ | 8.56 |  |  | $ | 8.45 |
Basic average common shares | 132 |  |  | 131 |  |  | 135 |
Dilutive common stock equivalents: |  |  |  |  |
Net effect of the assumed exercise of stock awards | 1 |  |  | 2 |  |  | 2 |
Diluted average common shares | 133 |  |  | 133 |  |  | 137 |
Diluted net income per common share | $ | 6.44 |  |  | $ | 8.47 |  |  | $ | 8.35 |
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 31 | 2023 |  | 2022 |  | 2021 |  |
Average outstanding options | 1,631 |  | 543 |  | 438 |  |
Range of exercise prices | $49.20 - $95.25 |  | $70.18 - $95.25 |  | $79.01 - $95.25 |  |

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