Net Income (Loss) Per Share

9 Months Ended

Sep. 30, 2021

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

	(in millions)
Net income (loss) attributable to common stockholders	$	1,045	$	(85)	$	1,355	$	(243)
Participating share-based earnings (a)	(3)		—		(4)		—
Basic net income (loss) attributable to common stockholders	1,042		(85)		1,351		(243)

Adjustment to after-tax interest expense to reflect the dilutive impact attributable to Convertible Notes	2		—		5		—
Diluted net income (loss) attributable to common stockholders	$	1,044	$	(85)	$	1,356	$	(243)

Basic weighted average shares outstanding	244		165		230		165
Contingently issuable stock-based compensation	1		—		—		—
Convertible Notes (b)	12		—		12		—
Diluted weighted average shares outstanding	257		165		242		165

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(a)Unvested restricted stock awards represent participating securities because they participate in non-forfeitable dividends with the common equity owners of the Company. Participating share-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. The dilutive effect of the reallocation of participating share-based earnings to diluted net income (loss) attributable to common stockholders was negligible.

(b)Diluted weighted average common shares outstanding have been increased to reflect the dilutive effect that would have resulted if the Company's Convertible Notes had been converted at the beginning of the three and nine months ended September 30, 2021. If converted by the holder, the Company intends to settle the Convertible Notes in cash.

Stock repurchase program. In December 2018, the Company's board of directors authorized a $2 billion common stock repurchase program. Under this stock repurchase program, the Company may repurchase shares 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 and may be modified, suspended or terminated at any time by the board of directors.

Expenditures to acquire shares under the share repurchase program are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

	(in millions)
Share repurchases (a)	$	—	$	—	$	—	$	160

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(a)During the three and nine months ended September 30, 2021, no shares were repurchased under the share repurchase program, as compared to no shares repurchased and 1,511,930 shares repurchased for the three and nine months ended September 30, 2020, respectively.

As of September 30, 2021, $1.1 billion remains available for use to repurchase shares under the Company's common stock repurchase program.