Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.20.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 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 six-month periods ended June 30, 2020 and 2019 was as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(dollar amounts in millions, except per share data, share count in thousands)
2020
 
2019
 
2020
 
2019
Basic earnings per common share:
 
 
 
 
 
 
 
Net income
$
150

 
$
364

 
$
198

 
$
722

Preferred stock dividends
(19
)
 
(18
)
 
(37
)
 
(37
)
Net income available to common shareholders
$
131

 
$
346

 
$
161

 
$
685

Average common shares issued and outstanding
1,016,259

 
1,044,802

 
1,016,951

 
1,045,899

Basic earnings per common share
$
0.13

 
$
0.33

 
$
0.16

 
$
0.66

Diluted earnings per common share:
 
 
 
 
 
 
 
Dilutive potential common shares:
 
 
 
 
 
 
 
Stock options and restricted stock units and awards
7,516

 
11,308

 
9,939

 
13,057

Shares held in deferred compensation plans
4,908

 
4,170

 
4,739

 
4,003

Dilutive potential common shares
12,424

 
15,478

 
14,678

 
17,060

Total diluted average common shares issued and outstanding
1,028,683

 
1,060,280

 
1,031,629

 
1,062,959

Diluted earnings per common share
$
0.13

 
$
0.33

 
$
0.16

 
$
0.64

Anti-dilutive awards (1)
17,200

 
7,656

 
12,291

 
6,237


(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.