Earnings Per Share

9 Months Ended

Sep. 30, 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)	Nine months ended September 30		Three months ended September 30
	2023	2022	2023	2022


Net loss available to common shareholders	($2,199)	($4,301)	($1,636)	($3,275)
Basic
Basic weighted average shares outstanding	605.0	594.0	607.2	596.3
Less: participating securities(1)	0.3	0.3	0.3	0.3
Basic weighted average common shares outstanding	604.7	593.7	606.9	596.0
Diluted


Diluted weighted average shares outstanding	605.0	594.0	607.2	596.3
Less: participating securities(1)	0.3	0.3	0.3	0.3
Diluted weighted average common shares outstanding	604.7	593.7	606.9	596.0
Net loss per share:
Basic	($3.64)	($7.24)	($2.70)	($5.49)
Diluted	(3.64)	(7.24)	(2.70)	(5.49)

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

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)	Nine months ended September 30		Three months ended September 30
	2023	2022	2023	2022
Performance awards		2.1		2.5
Performance-based restricted stock units		0.4		0.4

Restricted stock units		1.3		1.6
Stock options	0.8	0.7	0.7	0.8

In addition, potential common shares of 5.6 million and 3.2 million for the nine months ended September 30, 2023 and 2022 and 6.2 million and 3.5 million for the three months ended September 30, 2023 and 2022 were excluded from the computation of Diluted loss per share, because the effect would have been antidilutive as a result of incurring a net loss in those periods.