Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
The calculation of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2020 and 2019 was as follows:
Three Months Ended
September 30,		 Nine Months Ended
September 30,
(dollar amounts in millions, except per share data, share count in thousands) 2020 2019 2020 2019
Basic earnings per common share:
Net income $ 303  $ 372  $ 501  $ 1,094 
Preferred stock dividends (28) (18) (65) (55)
Net income available to common shareholders $ 275  $ 354  $ 436  $ 1,039 
Average common shares issued and outstanding 1,017,253  1,034,940  1,017,052  1,042,246 
Basic earnings per common share $ 0.27  $ 0.34  $ 0.43  $ 1.00 
Diluted earnings per common share:
Dilutive potential common shares:
Stock options and restricted stock units and awards 9,005  11,930  9,628  12,681 
Shares held in deferred compensation plans 5,202  4,403  4,893  4,137 
Dilutive potential common shares 14,207  16,333  14,521  16,818 
Total diluted average common shares issued and outstanding 1,031,460  1,051,273  1,031,573  1,059,064 
Diluted earnings per common share $ 0.27  $ 0.34  $ 0.42  $ 0.98 
Anti-dilutive awards (1) 13,954  6,253  12,420  4,900 
(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.