Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share


	Quarter Ended September 30,						Nine Months Ended September 30,
(dollars in millions, except per share amounts; shares in millions)	2020		2019		2020		2019
Net income (loss) attributable to common shareowners:
Income (loss) from continuing operations	$	151	$	958	$	(3,255)	$	2,853
Income (loss) from discontinued operations	113		190		(399)		1,541
Net income (loss) attributable to common shareowners	$	264	$	1,148	$	(3,654)	$	4,394
Basic weighted average number of shares outstanding	1,511.5		855.1		1,311.3		854.2
Stock awards and equity units (share equivalent)	2.7		9.0		—		8.7
Diluted weighted average number of shares outstanding	1,514.2		864.1		1,311.3		862.9
Earnings (Loss) Per Share attributable to common shareowners - Basic:
Income (loss) from continuing operations	$	0.10	$	1.12	$	(2.48)	$	3.34
Income (loss) from discontinued operations	0.08		0.22		(0.30)		1.80
Net income (loss) attributable to common shareowners	$	0.17	$	1.34	$	(2.79)	$	5.14
Earnings (Loss) Per Share attributable to common shareowners - Diluted:
Income (loss) from continuing operations	$	0.10	$	1.11	$	(2.48)	$	3.31
Income (loss) from discontinued operations	0.08		0.22		(0.30)		1.78
Net income (loss) attributable to common shareowners	$	0.17	$	1.33	$	(2.79)	$	5.09

It may not be possible to recalculate earning per share (EPS) attributable to common shareholders by adjusting EPS from continuing operations by EPS from discontinued operations as each amount is calculated independently.

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock appreciation rights and stock options, when the average market price of the common stock is lower than the exercise price of the related stock awards during the period because the effect would be anti-dilutive. In addition, the computation of diluted earnings per share excludes the effect of the potential exercise of stock awards when the awards’ assumed proceeds exceed the average market price of the common shares during the period. For the quarter and nine months ended September 30, 2020, the number of stock awards excluded from the computation was 38.1 million and 31.5 million, respectively. For the quarter and nine months ended September 30, 2019, the number of stock awards excluded from the computation was 8.0 million and 11.0 million, respectively. All outstanding stock awards are excluded in the computation of diluted earnings per share in the nine months ended September 30, 2020 because their effect was antidilutive due to the loss from continuing operations.