The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: | | | | | | | | | | | | | | | | | | (in millions, except for per share data) | Year Ended December 31, | | Earnings | 2020 | | 2019 | | 2018 | | Net income (loss) available to common shareholders | | | | | | | Income (loss) from continuing operations | $ | 370 | | | $ | 791 | | | $ | 482 | | | Less: Preferred stock dividends | 36 | | | 28 | | | — | | | Less: Net income (loss) attributable to noncontrolling interest | 157 | | | 50 | | | 145 | | | Income (loss) from continuing operations available to common shareholders | 177 | | | 713 | | | 337 | | | Income (loss) from discontinued operations, net of tax | (419) | | | (1,101) | | | 425 | | | Net income (loss) available to common shareholders | $ | (242) | | | $ | (388) | | | $ | 762 | | | | | | | | | Weighted-average common shares outstanding | | | | | | | Basic | 127.4 | | | 141.0 | | | 163.2 | | Dilutive Effects:(1) | | | | | | Warrants | 1.7 | | | 2.1 | | | 0.8 | | RSUs | 0.9 | | | 1.4 | | | 1.7 | | PSU awards | 1.4 | | | 1.9 | | | 1.9 | | Stock Options | 0.5 | | | 0.6 | | | 0.6 | | | Diluted | 131.9 | | | 147.0 | | | 168.2 | | | | | | | | Basic(2) | | | | | | | Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ | 1.39 | | | $ | 5.06 | | | $ | 2.06 | | | Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ | (3.29) | | | $ | (7.81) | | | $ | 2.60 | | | Income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (1.90) | | | $ | (2.75) | | | $ | 4.67 | | Diluted(2) | | | | | | | Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ | 1.34 | | | $ | 4.85 | | | $ | 2.00 | | | Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | $ | (3.18) | | | $ | (7.49) | | | $ | 2.53 | | | Income (loss) available to Voya Financial, Inc.'s common shareholders | $ | (1.84) | | | $ | (2.64) | | | $ | 4.53 | |
(1) For the years ended December 31, 2020 and December 31, 2019, weighted average shares used for calculating earnings per share excludes the impact of forward contracts related to the share repurchase agreement entered into on December 28, 2020 and December 19, 2019, respectively, as the inclusion of these instruments would be antidilutive to the earnings per share calculation. For more information on the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements. (2) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.
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