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
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Net income (loss) per share: | | | | | | | | | Numerator | | | | | | | | | Net income (loss) | $ | 559 | | $ | 680 | | $ | 1,213 | | $ | 890 | | Less: dividends declared - common shares and unvested common shares | (78) | | (84) | | (158) | | (169) | | Undistributed earnings | 481 | | 596 | | 1,055 | | 721 | Percentage allocated to common shareholders (1) | 98.7% | | 98.8% | | 98.7% | | 98.8% | | 475 | | 589 | | 1,041 | | 713 | | Add: dividends declared - common shareholders | 77 | | 83 | | 156 | | 167 | | Numerator for basic and diluted earnings per common share | $ | 552 | | $ | 672 | | $ | 1,197 | | $ | 880 | | | | | | | | | | Denominator | | | | | | | | | Denominator for basic earnings per weighted-average common shares | 38.8 | | 41.8 | | 39.3 | | 42.0 | | Effect of dilutive securities: | | | | | | | | | Employee Stock Purchase Plan Offering | — | | — | | — | | — | | Denominator for diluted earnings per adjusted weighted-average common shares | 38.8 | | 41.8 | | 39.3 | | 42.0 | | | | | | | | | | Per common share net income (loss) | | | | | | | | | Basic | $ | 14.22 | | $ | 16.10 | | $ | 30.45 | | $ | 20.93 | | Diluted | $ | 14.22 | | $ | 16.10 | | $ | 30.45 | | $ | 20.93 | | | | | | | | | (1) Basic weighted - average common shares outstanding | 38.8 | | 41.8 | | 39.3 | | 42.0 | | Basic weighted - average common shares outstanding and unvested common shares expected to vest | 39.4 | | 42.3 | | 39.8 | | 42.5 | | Percentage allocated to common shareholders | 98.7% | | 98.8% | | 98.7% | | 98.8% |
(Some amounts may not reconcile due to rounding.)
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