For additional information on our EPS calculation methodologies, refer to Note 23 of the notes to consolidated financial statements in our 2025 Form 10-K.


	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions, except per share amounts)	2026		2025		2026		2025
Net income	$	1,084	$	693	$	1,848	$	1,337
Less:
Preferred stock dividends	(58)		(63)		(116)		(109)
Dividends and undistributed earnings allocated to participating securities(1)	—		—		(1)		(1)
Net income available to common shareholders	$	1,026	$	630	$	1,731	$	1,227
Average common shares outstanding (In thousands):
Basic average common shares	276,150		286,281		277,286		287,415
Effect of dilutive securities: equity-based awards	4,912		4,209		4,677		4,181
Diluted average common shares	281,062		290,490		281,963		291,596
Anti-dilutive securities(2)	—		—		4		—
Earnings per common share:
Basic	$	3.71	$	2.20	$	6.24	$	4.27
Diluted(3)	3.65		2.17		6.14		4.21

(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 in Note 18 of the notes to consolidated financial statements in our 2025 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.