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
September 30, | | Nine Months Ended
September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Earnings Per Common Share: | | | | | | | | | Numerator | | | | | | | | | Net income (loss) | $ | 233 | | $ | 255 | | $ | 1,445 | | $ | 1,145 | | Less: dividends declared - common shares and unvested common shares | (75) | | (84) | | (233) | | (253) | | Undistributed earnings | 157 | | 172 | | 1,212 | | 892 | Percentage allocated to common shareholders (1) | 98.7% | | 98.8% | | 98.7% | | 98.8% | | 155 | | 169 | | 1,196 | | 882 | | Add: dividends declared - common shareholders | 74 | | 83 | | 230 | | 250 | | Numerator for basic and diluted earnings per common share | $ | 230 | | $ | 252 | | $ | 1,427 | | $ | 1,132 | | | | | | | | | | Denominator | | | | | | | | | Denominator for basic earnings per weighted-average common shares | 37.6 | | 41.4 | | 38.7 | | 41.8 | | Effect of dilutive securities: | | | | | | | | | Employee Stock Purchase Plan offering | — | | — | | — | | — | | Denominator for diluted earnings per adjusted weighted-average common shares | 37.6 | | 41.4 | | 38.7 | | 41.8 | | | | | | | | | | Per common share net income (loss) | | | | | | | | | Basic | $ | 6.12 | | $ | 6.09 | | $ | 36.85 | | $ | 27.06 | | Diluted | $ | 6.12 | | $ | 6.09 | | $ | 36.85 | | $ | 27.06 | | | | | | | | | (1) Basic weighted - average common shares outstanding | 37.6 | | 41.4 | | 38.7 | | 41.8 | | Basic weighted - average common shares outstanding and unvested | | | | | | | | | common shares expected to vest | 38.1 | | 41.9 | | 39.2 | | 42.3 | | 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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