Earnings Per Share

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

The table below presents the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
(in millions, except per share amounts)	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Computation of Basic Earnings Per Share
Net income (loss)	$	100	$	387	$	(103)	$	994
Shares for basic earnings (loss) per share	325.9		329.9		325.7		334.4
Basic earnings (loss) per share	$	0.31	$	1.17	$	(0.32)	$	2.97
Computation of Diluted Earnings (Loss) Per Share
Net income (loss)	$	100	$	387	$	(103)	$	994
Shares for basic earnings (loss) per share	325.9		329.9		325.7		334.4
Effect of dilutive securities
Share-based compensation (1)	0.9		2.6		—		2.8
Shares for diluted earnings (loss) per share	326.8		332.5		325.7		337.2
Diluted earnings (loss) per share	$	0.31	$	1.16	$	(0.32)	$	2.95

(1) For the calculation of diluted loss per share for the nine months ended September 30, 2020, we excluded share-based compensation securities of 1.2 million because the effect was anti-dilutive.