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, | | 2025 | | 2024 | | 2025 | | 2024 | | Net income (loss) per share: | | | | | | | | | Numerator | | | | | | | | | Net income (loss) | $ | 255 | | $ | 509 | | $ | 1,145 | | $ | 1,966 | | Less: dividends declared - common shares and unvested common shares | (84) | | (86) | | (253) | | (249) | | Undistributed earnings | 172 | | 423 | | 892 | | 1,717 | Percentage allocated to common shareholders (1) | 98.8% | | 98.8% | | 98.8% | | 98.8% | | 169 | | 418 | | 882 | | 1,697 | | Add: dividends declared - common shareholders | 83 | | 85 | | 250 | | 246 | | Numerator for basic and diluted earnings per common share | $ | 252 | | $ | 503 | | $ | 1,132 | | $ | 1,943 | | | | | | | | | | Denominator | | | | | | | | | Denominator for basic earnings per weighted-average common shares | 41.4 | | 42.6 | | 41.8 | | 42.8 | | Effect of dilutive securities: | | | | | | | | | Options | — | | — | | — | | — | | Denominator for diluted earnings per adjusted weighted-average common shares | 41.4 | | 42.6 | | 41.8 | | 42.8 | | | | | | | | | | Per common share net income (loss) | | | | | | | | | Basic | $ | 6.09 | | $ | 11.80 | | $ | 27.06 | | $ | 45.40 | | Diluted | $ | 6.09 | | $ | 11.80 | | $ | 27.06 | | $ | 45.40 | | | | | | | | | (1) Basic weighted - average common shares outstanding | 41.4 | | 42.6 | | 41.8 | | 42.8 | | Basic weighted - average common shares outstanding and unvested common shares expected to vest | 41.9 | | 43.1 | | 42.3 | | 43.3 | | Percentage allocated to common shareholders | 98.8% | | 98.8% | | 98.8% | | 98.8% |
(Some amounts may not reconcile due to rounding.)
|