Net income (loss) per common share has been computed as shown below, based upon weighted average common basic and dilutive shares outstanding. | | | | | | | | | | | | | | | | | (Dollars in millions, except per share amounts) | Three Months Ended
March 31, | | | | 2026 | | 2025 | | | | | | Net income (loss) per share: | | | | | | | | | Numerator | | | | | | | | | Net income (loss) | $ | 653 | | $ | 210 | | | | | | Less: dividends declared - common shares and unvested common shares | (80) | | (85) | | | | | | Undistributed earnings | 573 | | 125 | | | | | Percentage allocated to common shareholders (1) | 98.7% | | 98.9% | | | | | | 566 | | 123 | | | | | | Add: dividends declared - common shareholders | 79 | | 84 | | | | | | Numerator for basic and diluted earnings per common share | $ | 645 | | $ | 208 | | | | | | | | | | | | | | Denominator | | | | | | | | | Denominator for basic earnings per weighted-average common shares | 39.8 | | 42.3 | | | | | | Effect of dilutive securities: | | | | | | | | | ESPP Offering | — | | — | | | | | | Denominator for diluted earnings per adjusted weighted-average common shares | 39.8 | | 42.3 | | | | | | | | | | | | | | Per common share net income (loss) | | | | | | | | | Basic | $ | 16.21 | | $ | 4.90 | | | | | | Diluted | $ | 16.21 | | $ | 4.90 | | | | | | | | | | | | | (1) Basic weighted - average common shares outstanding | 39.8 | | 42.3 | | | | | | Basic weighted - average common shares outstanding and unvested common shares expected to vest | 40.3 | | 42.8 | | | | | | Percentage allocated to common shareholders | 98.7% | | 98.9% | | | | |
(Some amounts may not reconcile due to rounding.)
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