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Net Income Per Common Share
 12 Months Ended
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 31202320222021
Basic and diluted
Net income$881 $1,151 $1,168 
Less:
Income allocated to participating securities4 6 5 
Preferred stock dividends23 23 23 
Net income attributable to common shares$854 $1,122 $1,140 
Basic average common shares132 131 135 
Basic net income per common share$6.47 $8.56 $8.45 
Basic average common shares132 131 135 
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards1 2 2 
Diluted average common shares133 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 31202320222021
Average outstanding options1,631543438
Range of exercise prices
$49.20 - $95.25
$70.18 - $95.25
$79.01 - $95.25