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EARNINGS PER COMMON SHARE | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding net of unvested shares of restricted stock. Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding, adjusted for the dilutive effect of potential common shares issuable for stock options and restricted shares, as calculated using the treasury stock method. Adjustments to the weighted average number of shares of common stock outstanding are made only when such adjustments dilute earnings per common share. The following table sets forth the computation of basic and diluted earnings per common share: TABLE 15.1
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(dollars in millions, except per share data) | 2025 |  | 2024 |  | 2025 |  | 2024
Net income | $ | 150 |  |  | $ | 110 |  |  | $ | 397 |  |  | $ | 355 |
Less: Preferred stock dividends | — |  |  | — |  |  | — |  |  | 6 |
Net income available to common shareholders | $ | 150 |  |  | $ | 110 |  |  | $ | 397 |  |  | $ | 349 |
Basic weighted average common shares outstanding | 360,562,829 |  |  | 361,272,879 |  |  | 361,232,517 |  |  | 361,425,077 |
Net effect of dilutive stock options and restricted stock | 1,106,789 |  |  | 1,152,649 |  |  | 1,096,952 |  |  | 1,157,928 |
Diluted weighted average common shares outstanding | 361,669,618 |  |  | 362,425,528 |  |  | 362,329,469 |  |  | 362,583,005 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.41 |  |  | $ | 0.30 |  |  | $ | 1.10 |  |  | $ | 0.97 |
Diluted | $ | 0.41 |  |  | $ | 0.30 |  |  | $ | 1.09 |  |  | $ | 0.96 |
There were no anti-dilutive shares for the nine months ended September 30, 2025 and 2024.

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