Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2021
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 periods ended March 31, 2021 and 2020 was as follows:
Three Months Ended
March 31,
(dollar amounts in millions, except per share data, share count in thousands) 2021 2020
Basic earnings per common share:
Net income $ 532  $ 48 
Preferred stock dividends (31) (18)
Net income available to common shareholders $ 501  $ 30 
Average common shares issued and outstanding 1,017,512  1,017,643 
Basic earnings per common share $ 0.49  $ 0.03 
Diluted earnings per common share:
Dilutive potential common shares:
Stock options and restricted stock units and awards 18,397  12,363 
Shares held in deferred compensation plans 5,094  4,570 
Dilutive potential common shares 23,491  16,933 
Total diluted average common shares issued and outstanding 1,041,003  1,034,576 
Diluted earnings per common share $ 0.48  $ 0.03 
Anti-dilutive awards (1) 1,666  8,045 
(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.