v3.25.4
NET EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET EARNINGS PER COMMON SHARE NET EARNINGS PER COMMON SHARE
Net earnings per common share are determined based on net earnings applicable to common shareholders, net of preferred stock dividends. Basic net earnings per common share are calculated using the weighted-average number of common shares outstanding during the year. Unvested share-based awards that carry nonforfeitable dividend rights are treated as participating securities and are included in the basic earnings per share calculation.
Diluted net earnings per common share are computed using the weighted-average number of common shares outstanding, including common stock equivalents. Stock options, restricted stock, RSUs, and stock warrants are converted into common stock equivalents using the method—either the treasury stock method or the two-class method—that results in the most dilution. Common stock equivalents that would have an antidilutive effect are excluded from the diluted earnings per share calculation.
The following schedule presents the basic and diluted net earnings per common share, calculated using the weighted-average number of shares outstanding:
(In millions, except shares and per share amounts)202520242023
Basic:
Net income$899 $784 $680 
Less common and preferred dividends267 289 277 
Less impact from redemption of preferred stock— 6 — 
Undistributed earnings632 489 403 
Less undistributed earnings applicable to nonvested shares8 5 4 
Undistributed earnings applicable to common shares624 484 399 
Distributed earnings applicable to common shares260 245 243 
Total earnings applicable to common shares$884 $729 $642 
Weighted average common shares outstanding (in thousands)147,115 147,210 147,748 
Net earnings per common share$6.01 $4.95 $4.35 
Diluted:
Total earnings applicable to common shares$884 $729 $642 
Weighted average common shares outstanding (in thousands)147,115 147,210 147,748 
Dilutive effect of stock options (in thousands)42 5 8 
Weighted average diluted common shares outstanding (in thousands)
147,157 147,215 147,756 
Net earnings per common share$6.01 $4.95 $4.35 
The following schedule presents the weighted-average stock awards that were antidilutive and therefore excluded from the calculation of diluted earnings per share:
(In thousands)202520242023
Restricted stock and restricted stock units1,819 1,663 1,383 
Stock options469 1,110 1,409