The following table sets forth the computation of basic and diluted earnings per common share. Dividends and undistributed earnings allocated to participating securities and earnings per share are computed independently for each period. Accordingly, the sum of each quarterly amount may not agree to the year-to-date total.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars and shares in millions, except per share data)	2026		2025		2026		2025
Income (loss) from continuing operations, net of tax	$	3,020	$	(4,263)	$	5,201	$	(2,859)
Income (loss) from discontinued operations, net of tax	—		(14)		(7)		(14)
Net income (loss)	3,020		(4,277)		5,194		(2,873)
Dividends and undistributed earnings allocated to participating securities	(28)		(4)		(48)		(9)
Preferred stock dividends	(57)		(65)		(130)		(122)
Discount on redeemed preferred stock	—		6		—		6

Net income (loss) available to common stockholders	$	2,935	$	(4,340)	$	5,016	$	(2,998)

Total weighted-average basic common shares outstanding	620.5		505.6		621.5		444.7
Effect of dilutive securities:(1)
Stock options	—		—		—		—
Other contingently issuable shares	0.6		—		0.8		—
Total effect of dilutive securities	0.6		—		0.8		—
Total weighted-average diluted common shares outstanding	621.1		505.6		622.3		444.7
Basic earnings per common share:
Net income (loss) from continuing operations	$	4.73	$	(8.55)	$	8.08	$	(6.71)
Net income from discontinued operations	—		(0.03)		(0.01)		(0.03)
Net income (loss) per basic common share	$	4.73	$	(8.58)	$	8.07	$	(6.74)
Diluted earnings per common share:(1)
Net income (loss) from continuing operations	$	4.73	$	(8.55)	$	8.08	$	(6.71)
Net income from discontinued operations	—		(0.03)		(0.01)		(0.03)
Net income (loss) per diluted common share	$	4.73	$	(8.58)	$	8.07	$	(6.74)

(1)There were no options or awards excluded from the computation for both the three and six months ended June 30, 2026. In periods of net loss, dilutive securities are excluded as their inclusion would be anti-dilutive. Accordingly, excluded from the computation of diluted earning per share were awards of 862 thousand shares and options of 214 thousand shares with an exercise price ranging from $63.73 and $86.34 and awards of 863 thousand shares and options of 216 thousand shares with an exercise price ranging from $63.73 and $86.34 for the three and six months ended June 30, 2025, respectively.