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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2023
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table presents the calculation of basic and diluted earnings per common share from continuing operations:
|  | Three months ended June 30, |  | Six months ended June 30, |  |  |
(Dollars in millions) |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |
Earnings per share — Basic: |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | (18) |  |  | $ | 240 |  |  | $ | 122 |  |  | $ | 416 |  |  |  |
Less: Distributed and undistributed earnings allocated to unvested stock |  | — |  |  | (1) |  |  | (1) |  |  | (2) |  |  |  |
Earnings (loss) from continuing operations available to common shareholders |  | $ | (18) |  |  | $ | 239 |  |  | $ | 121 |  |  | 414 |  |  |  |
Weighted average common shares outstanding |  | 45,975 |  |  | 49,852 |  |  | 46,176 |  |  | 50,474 |  |  |  |
Earnings (loss) from continuing operations per common share — Basic |  | $ | (0.39) |  |  | $ | 4.80 |  |  | $ | 2.64 |  |  | $ | 8.20 |  |  |  |
Earnings per share — Diluted: |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | (18) |  |  | $ | 240 |  |  | $ | 122 |  |  | $ | 416 |  |  |  |
Less: Distributed and undistributed earnings allocated to unvested stock |  | — |  |  | — |  |  | — |  |  | — |  |  |  |
Earnings (loss) from continuing operations available to common shareholders — Diluted |  | $ | (18) |  |  | $ | 240 |  |  | $ | 122 |  |  | $ | 416 |  |  |  |
Weighted average common shares outstanding — Basic |  | 45,975 |  |  | 49,852 |  |  | 46,176 |  |  | 50,474 |  |  |  |
Effect of dilutive equity awards |  | — |  |  | 1,073 |  |  | 980 |  |  | 1,226 |  |  |  |
Weighted average common shares outstanding — Diluted |  | 45,975 |  |  | 50,925 |  |  | 47,156 |  |  | 51,700 |  |  |  |
Earnings (loss) from continuing operations per common share — Diluted |  | $ | (0.39) |  |  | $ | 4.72 |  |  | $ | 2.60 |  |  | $ | 8.05 |  |  |  |
Anti-dilutive equity awards not included in diluted EPS |  | 2,531 |  |  | 1,068 |  |  | 1,579 |  |  | 765 |  |  |  |
———————————— Note: Amounts may not be additive due to rounding.

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