v3.25.2
Net Income Per Common Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Common Share NET INCOME PER COMMON SHARE
Basic and diluted net income per common share are presented in the following table.
Three Months Ended June 30,Six Months Ended June 30,
(in millions, except per share data)2025202420252024
Basic and diluted
Net income$199 $206 $371 $344 
Less:
Income allocated to participating securities1 1 2 2 
Preferred stock dividends and other (a)11 5 17 11 
Net income attributable to common shares$187 $200 $352 $331 
Basic average common shares131 133 131 133 
Basic net income per common share$1.43 $1.50 $2.69 $2.49 
Basic average common shares131 133 131 133 
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards1 1 1 1 
Diluted average common shares132 134 132 134 
Diluted net income per common share$1.42 $1.49 $2.66 $2.47 
(a)Includes the impact of costs related to the preferred stock redemption. Refer to Note 9 for more information.
The following average shares related to outstanding options to purchase shares of common stock that were not included in the computation of diluted net income per common share because the options were anti-dilutive for the period.
Three Months Ended June 30,Six Months Ended June 30,
(average outstanding options in thousands)2025202420252024
Average outstanding options1,718 1,816 1,721 1,800 
Range of exercise prices
 $53.96 - $95.25
$53.96 - $95.25
$53.96 - $95.25
$53.96 - $95.25