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Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table presents the computation of basic and diluted earnings per common share for the periods indicated:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions, except per share amounts)2025202420252024
Net income$693 $711 $1,337 $1,174 
Less:
Preferred stock dividends (63)(55)(109)(100)
Dividends and undistributed earnings allocated to participating securities(1)
— (1)(1)(1)
Net income available to common shareholders$630 $655 $1,227 $1,073 
Average common shares outstanding (In thousands):
Basic average common shares286,281 300,564 287,415 301,278 
Effect of dilutive securities: equity-based awards4,209 4,201 4,181 4,076 
Diluted average common shares290,490 304,765 291,596 305,354 
Anti-dilutive securities(2)
— 948 — 1,151 
Earnings per common share:
Basic$2.20 $2.18 $4.27 $3.56 
Diluted(3)
2.17 2.15 4.21 3.52 
(1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings.
(2) Represents equity-based awards outstanding, but not included in the computation of diluted average common shares because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 165 to 167 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2024 Form 10-K.
(3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method.