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Earnings Per Share
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
6. Earnings Per Share

The following represents our basic and diluted earnings per share (EPS) calculations, which are calculated using unrounded amounts:
 
Three months ended June 30, 2019
(In millions, except per share data)
Class A
 
Class B
 
Class M-1
 
Class M-2
 
Class M-3
 
Class M-4
Net income – basic and diluted
$
596

 
$
96

 
$
13

 
$
3

 
$
4

 
$
8

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
158.5

 
25.4

 
3.3

 
0.8

 
1.0

 
2.2

Dilutive effect of stock compensation plans
0.3

 
—

 
—

 
—

 
—

 
0.3

Diluted weighted average shares outstanding
158.8

 
25.4

 
3.3

 
0.8

 
1.0

 
2.5

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
Basic
$
3.76

 
$
3.76

 
$
3.76

 
$
3.76

 
$
3.76

 
$
3.76

Diluted
$
3.75

 
$
3.76

 
$
3.76

 
$
3.76

 
$
3.76

 
$
3.28

 
Three months ended June 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
$
214

 
$
33

 
$
5

 
$
1

 
$
1

 
$
3

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
164.5

 
25.5

 
3.4

 
0.8

 
1.0

 
2.1

Dilutive effect of stock compensation plans
0.3

 
—

 
—

 
—

 
—

 
0.6

Diluted weighted average shares outstanding
164.8

 
25.5

 
3.4

 
0.8

 
1.0

 
2.7

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
Basic
$
1.30

 
$
1.30

 
$
1.30

 
$
1.30

 
$
1.30

 
$
1.30

Diluted
$
1.30

 
$
1.30

 
$
1.30

 
$
1.29

 
$
1.30

 
$
1.02

 
Six months ended June 30, 2019
(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
$
1,184

 
$
189

 
$
25

 
$
6

 
$
8

 
$
16

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
159.4

 
25.4

 
3.3

 
0.8

 
1.0

 
2.2

Dilutive effect of stock compensation plans
0.3

 
—

 
—

 
—

 
—

 
0.3

Diluted weighted average shares outstanding
159.7

 
25.4

 
3.3

 
0.8

 
1.0

 
2.5

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
Basic
$
7.43

 
$
7.43

 
$
7.43

 
$
7.43

 
$
7.43

 
$
7.43

Diluted
$
7.41

 
$
7.43

 
$
7.43

 
$
7.43

 
$
7.43

 
$
6.45

 
Six months ended June 30, 2018
(In millions, except per share data)
Class A
 
Class B
 
Class M-1
 
Class M-2
 
Class M-3
 
Class M-4
Net income – basic and diluted
$
424

 
$
90

 
$
9

 
$
2

 
$
3

 
$
6

 
 
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
156.6

 
33.3

 
3.4

 
0.8

 
1.0

 
2.1

Dilutive effect of stock compensation plans
0.4

 
—

 
—

 
—

 
—

 
0.8

Diluted weighted average shares outstanding
157.0

 
33.3

 
3.4

 
0.8

 
1.0

 
2.9

 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
Basic
$
2.71

 
$
2.71

 
$
2.71

 
$
2.71

 
$
2.71

 
$
2.71

Diluted
$
2.70

 
$
2.71

 
$
2.71

 
$
2.68

 
$
2.68

 
$
1.98



We use the two-class method for allocating net income to each class of our common stock. 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 31.6 million and 35.4 million shares, restricted stock units and options as of June 30, 2019 and 2018, respectively.