Earnings Per Share

12 Months Ended

Dec. 31, 2020

Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings.

Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding.

Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding.

The elements used in the computation of basic and diluted earnings per share were as follows:


(In millions - except per share amounts)
Years ended December 31,	2020	2019	2018
Net (loss)/earnings attributable to Boeing Shareholders	($11,873)	($636)	$10,460
Less: earnings available to participating securities			7
Net (loss)/earnings available to common shareholders	($11,873)	($636)	$10,453
Basic
Basic weighted average shares outstanding	569.0	566.0	579.9
Less: participating securities	0.4	0.6	0.7
Basic weighted average common shares outstanding	568.6	565.4	579.2
Diluted
Basic weighted average shares outstanding	569.0	566.0	579.9
Dilutive potential common shares(1)			6.3
Diluted weighted average shares outstanding	569.0	566.0	586.2
Less: participating securities	0.4	0.6	0.7
Diluted weighted average common shares outstanding	568.6	565.4	585.5
Net (loss)/earnings per share:
Basic	($20.88)	($1.12)	$18.05
Diluted	(20.88)	(1.12)	17.85

(1)Diluted (loss)/earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards.

As a result of incurring a net loss for the years ended December 31, 2020 and 2019, potential common shares of 1.6 million and 4.1 million were excluded from diluted loss per share because the effect would have been antidilutive. In addition, the following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of

diluted (loss)/earnings per share because the effect was either antidilutive or the performance condition was not met.


(Shares in millions)
Years ended December 31,	2020	2019	2018

Performance awards	5.7	2.8	2.5
Performance-based restricted stock units	1.3	0.6	0.3
Restricted stock units	1.0