Earnings Per Share

3 Months Ended

Mar. 31, 2023

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 loss per share were as follows:


(In millions - except per share amounts)	Three months ended March 31
		2023	2022


Net loss available to common shareholders		($414)	($1,219)
Basic
Basic weighted average shares outstanding		602.5	591.7
Less: participating securities(1)		0.3	0.3
Basic weighted average common shares outstanding		602.2	591.4
Diluted


Diluted weighted average shares outstanding		602.5	591.7
Less: participating securities(1)		0.3	0.3
Diluted weighted average common shares outstanding		602.2	591.4
Net loss per share:
Basic		($0.69)	($2.06)
Diluted		(0.69)	(2.06)

(1)Participating securities include certain instruments in our deferred compensation plan.

(2)Diluted loss per share includes any dilutive impact of stock options, restricted stock units,

performance-based restricted stock units and performance awards.

The following table represents potential common shares that were not included in the computation of diluted loss per share because the effect was antidilutive based on their strike price or the performance condition was not met.


(Shares in millions)	Three months ended March 31
		2023	2022
Performance awards			1.6
Performance-based restricted stock units			0.4

Restricted stock units		0.1	0.4
Stock options		0.8	0.6

In addition, 5.3 million and 3.6 million potential common shares were excluded from the computation of diluted loss per share for the three months ended March 31, 2023 and 2022, respectively, because the effect would have been antidilutive as a result of incurring a net loss in those periods.