Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHAREBasic 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 each of the three years ended December 31 was as follows:
Year Ended December 31,
(amounts in millions, except per share data, share count in thousands) 2020 2019 2018
Net income $ 817  $ 1,411  $ 1,393 
Preferred stock dividends (100) (74) (70)
Net income available to common shareholders $ 717  $ 1,337  $ 1,323 
Average common shares issued and outstanding 1,017,117  1,038,840  1,081,542 
Dilutive potential common shares
Stock options and restricted stock units and awards 10,613  12,994  16,529 
Shares held in deferred compensation plans 4,953  4,245  3,511 
Dilutive impact of Preferred Stock (1) —  —  4,403 
Other —  —  — 
Dilutive potential common shares 15,566  17,239  24,443 
Total diluted average common shares issued and outstanding 1,032,683  1,056,079  1,105,985 
Basic earnings per common share $ 0.71  $ 1.29  $ 1.22 
Diluted earnings per common share $ 0.69  $ 1.27  $ 1.20 
Anti-dilutive awards (2) 9,760  5,253  2,307 
(1)The 2018 total diluted average common shares issued and outstanding was impacted by using the if-converted method.
(2)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.