EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

The table below illustrates the reconciliation of the earnings and number of shares used in our calculations of basic and diluted earnings per share, the latter of which uses the treasury stock method in order to calculate the dilutive effect of the Company’s potential common stock:


(in millions, except per share amounts)	2020		2019		2018
Computation of Basic (Loss) Earnings Per Share
Net (loss) income	$	(267)	$	1,273	$	1,907
Shares for basic (loss) earnings per share	325.8		332.7		350.1
Basic (loss) earnings per share	$	(0.82)	$	3.83	$	5.45
Computation of Diluted (Loss) Earnings Per Share
Net (loss) income	$	(267)	$	1,273	$	1,907
Shares for basic earnings per share	325.8		332.7		350.1
Effect of dilutive securities
Stock-based compensation(1)	—		2.8		4.1
Shares for diluted (loss) earnings per share	325.8		335.5		354.2
Diluted (loss) earnings per share	$	(0.82)	$	3.80	$	5.38

(1) For the calculation of diluted loss per share for year-end 2020, we excluded share-based compensation securities of 1.4 million because the effect was anti-dilutive.