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Earnings Per Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
9. Earnings Per Share

The following represents our basic and diluted earnings per share (EPS) calculations:
 
Three months ended September 30, 2018
(In millions, except share and per share data)
Class A
 
Class B
 
Class M-1
 
Class M-2
 
Class M-3
 
Class M-4
Net income – basic and diluted
$
534

 
$
83

 
$
11

 
$
3

 
$
3

 
$
6

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
164,527,680

 
25,483,107

 
3,386,963

 
841,011

 
1,001,110

 
2,070,590

Dilutive effect of stock compensation plans
529,382

 
—

 
—

 
—

 
—

 
628,718

Diluted weighted average shares outstanding
165,057,062

 
25,483,107

 
3,386,963

 
841,011

 
1,001,110

 
2,699,308

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share1
 
 
 
 
 
 
 
 
 
 
 
Basic
$
3.24

 
$
3.24

 
$
3.24

 
$
3.24

 
$
3.24

 
$
3.24

Diluted
$
3.23

 
$
3.24

 
$
3.24

 
$
3.24

 
$
3.24

 
$
2.49

 
 
 
 
 
 
 
 
 
 
 
 
1 Calculated using whole figures.

 
Three months ended September 30, 2017
(In millions, except share and per share data)
Class A
 
Class B
 
Class M-1
 
Class M-2
 
Class M-3
 
Class M-4
Net income – basic and diluted
$
167

 
$
98

 
$
5

 
$
1

 
$
1

 
$
2

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
119,519,911

 
69,862,355

 
3,388,890

 
857,831

 
928,870

 
1,776,455

Dilutive effect of stock compensation plans
372,358

 
—

 
—

 
7,191

 
289,284

 
1,362,388

Diluted weighted average shares outstanding
119,892,269

 
69,862,355

 
3,388,890

 
865,022

 
1,218,154

 
3,138,843

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share1
 
 
 
 
 
 
 
 
 
 
 
Basic
$
1.40

 
$
1.40

 
$
1.40

 
$
1.40

 
$
1.40

 
$
1.40

Diluted
$
1.39

 
$
1.40

 
$
1.40

 
$
1.39

 
$
1.07

 
$
0.79

 
 
 
 
 
 
 
 
 
 
 
 
1 Calculated using whole figures.

 
Nine months ended September 30, 2018
(In millions, except share and per share data)
Class A
 
Class B
 
Class M-1
 
Class M-2
 
Class M-3
 
Class M-4
Net income – basic and diluted
$
946

 
$
182

 
$
20

 
$
5

 
$
6

 
$
13

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
159,284,577

 
30,630,567

 
3,388,240

 
842,157

 
1,017,755

 
2,085,833

Dilutive effect of stock compensation plans
509,261

 
—

 
—

 
5,095

 
6,858

 
717,426

Diluted weighted average shares outstanding
159,793,838

 
30,630,567

 
3,388,240

 
847,252

 
1,024,613

 
2,803,259

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share1
 
 
 
 
 
 
 
 
 
 
 
Basic
$
5.94

 
$
5.94

 
$
5.94

 
$
5.94

 
$
5.94

 
$
5.94

Diluted
$
5.92

 
$
5.94

 
$
5.94

 
$
5.90

 
$
5.90

 
$
4.42

 
 
 
 
 
 
 
 
 
 
 
 
1 Calculated using whole figures.

 
Nine months ended September 30, 2017
(In millions, except share and per share data)
Class A
 
Class B
 
Class M-1
 
Class M-2
 
Class M-3
 
Class M-4
Net income – basic
$
513

 
$
443

 
$
17

 
$
3

 
$
3

 
$
5

Effect of stock compensation plans on allocated net income
11

 
—

 
—

 
—

 
—

 
—

Net income – diluted
$
524

 
$
443

 
$
17

 
$
3

 
$
3

 
$
5

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
101,506,304

 
87,703,973

 
3,416,703

 
604,722

 
559,987

 
1,078,282

Dilutive effect of stock compensation plans
3,297,329

 
—

 
—

 
331,206

 
686,268

 
1,768,169

Diluted weighted average shares outstanding
104,803,633

 
87,703,973

 
3,416,703

 
935,928

 
1,246,255

 
2,846,451

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share1
 
 
 
 
 
 
 
 
 
 
 
Basic
$
5.05

 
$
5.05

 
$
5.05

 
$
5.05

 
$
5.05

 
$
5.05

Diluted
$
5.00

 
$
5.05

 
$
5.05

 
$
3.26

 
$
2.27

 
$
1.91

 
 
 
 
 
 
 
 
 
 
 
 
1 Calculated using whole figures.


We use the two-class method for allocating net income to each class of our common stock. Our Class M shares did not become eligible to participate in dividends until a return of investment (ROI) condition had been met for each class. Once eligible, each class of our common stock has equal dividend rights. The ROI condition was met for Class M-2 on March 28, 2017, and for Class M-3 and Class M-4 on April 20, 2017. For purposes of calculating basic weighted average shares outstanding and the allocation of basic income, shares are deemed to be participating in earnings for only the portion of the period after the condition is met. For purposes of calculating diluted weighted average shares outstanding, shares are deemed dilutive as of the beginning of the period.

Dilutive shares are calculated using the treasury stock method. For Class A shares, this method takes into account shares that can be settled into Class A shares, net of a conversion price. The diluted EPS calculations for Class A shares excluded the following shares, restricted stock units (RSUs) and options:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2018
 
2017
 
2018
 
2017
Antidilutive shares, RSUs and options excluded from diluted EPS calculation
34,908,644

 
79,931,099

 
34,908,644

 
73,016,963

Shares, RSUs and options excluded from diluted EPS calculation as a performance condition had not been met
176,935

 
187,046

 
176,935

 
1,425,926

Total shares, RSUs and options excluded from diluted EPS calculation
35,085,579

 
80,118,145

 
35,085,579

 
74,442,889

 
 
 
 
 
 
 
 
Note: Shares, RSUs and options are as of period end.