Income (loss) and Dividends per Common Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Income (loss) and Dividends per Common Share

Income (loss) and Dividends per Common Share

Basic income (loss) per share is based on the weighted average number of common shares outstanding. Diluted income (loss) per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 6 million of stock options for each of the three and nine months ended September 30, 2020 and 6 million and 5 million of stock options for the three and nine months ended September 30, 2019 that were antidilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share data)	2020		2019		2020		2019
Net income (loss)	$	(317)	$	165	$	(1,113)	$	500
Weighted average common shares outstanding	790		802		792		813
Effect of dilutive securities	—		1		—		—
Weighted average common shares, diluted	790		803		792		813
Net income (loss) per share:
Basic	$	(0.40)	$	0.21	$	(1.41)	$	0.62
Diluted	$	(0.40)	$	0.21	$	(1.41)	$	0.62
Dividends per share	$	—	$	0.05	$	0.05	$	0.15