Net Income Per Share Attributable To Common Stockholders

12 Months Ended

Dec. 31, 2020

Net Income Per Share Attributable To Common Stockholders

Net Income (Loss) Per Share

The Company's basic net income (loss) per share attributable to common stockholders is computed as (i) net income (loss) attributable to common stockholders, (ii) less participating share- and unit-based basic earnings (iii) divided by weighted average basic shares outstanding. The Company's diluted net income (loss) per share attributable to common stockholders is computed as (i) basic net income (loss) attributable to common stockholders, (ii) plus diluted adjustments to participating undistributed earnings (iii) divided by weighted average diluted shares outstanding. Diluted net income (loss) per share attributable to common stockholders is calculated under both the two-class method and the treasury stock method and the more dilutive of the two calculations is presented.

The components of basic and diluted net income (loss) per share attributable to common stockholders are as follows:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Net income (loss) attributable to common stockholders	$	(200)	$	773	$	978
Participating share based earnings (a)	—		(3)		(5)
Basic and diluted net income (loss) attributable to common stockholders	$	(200)	$	770	$	973

Basic and diluted weighted average shares outstanding	165		167		171

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(a)Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends with the common equity owners of the Company. Participating share- or unit-based earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested restricted stock awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Stock repurchase program. In December 2018, the Company's board of directors authorized a common stock repurchase program that allows the Company to repurchase up to $2 billion of its common stock. Under this stock repurchase program, the Company may repurchase shares from time to time at management's discretion in accordance with applicable securities laws. In addition, the Company may repurchase shares pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Act of 1934, which would permit the Company to repurchase shares at times that may otherwise be prohibited under the Company's insider trading policy. The stock repurchase program has no time limit, may be modified, suspended or terminated at any time by the board of directors.

Shares repurchased are as follows:


	Year Ended December 31,
	2020		2019		2018 (a)
	(in millions)
Shares repurchased	$	160	$	622	$	149

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(a)During 2018, the Company repurchased $22 million of common stock pursuant to a previously authorized common stock repurchase program and $127 million of common stock pursuant to the current authorized common stock repurchase program.

As of December 31, 2020, $1.1 billion remains available for use to repurchase shares under the Company's common stock repurchase program.