EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2022

Basic and diluted earnings per share (EPS) were calculated using the treasury stock method for the three and six months ended June 30, 2022 and 2021. Our restricted stock unit (RSU) and performance stock unit (PSU) awards are not considered participating securities since the dividend rights on unvested shares are forfeitable.

For basic EPS, the weighted-average number of common shares outstanding excludes shares underlying our equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive.

The following table presents the calculation of basic and diluted EPS, for the three and six months ended June 30, 2022 and 2021:



	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	190	$	(107)	$	15	$	(196)
Less: net income attributable to noncontrolling interests	—		(4)		—		(9)
Net income (loss) attributable to common stock	$	190	$	(111)	$	15	$	(205)



Denominator for Basic EPS
Weighted-average shares	76.7		83.1		77.6		83.2

Potential Common Shares, if dilutive:
Warrants	0.7		—		0.7		—
Restricted Stock Units	0.7		—		0.7		—
Performance Stock Units	0.7		—		0.6		—

Denominator for Diluted EPS
Weighted-average shares	78.8		83.1		79.6		83.2

EPS
Basic	$	2.48	$	(1.34)	$	0.19	$	(2.46)
Diluted	$	2.41	$	(1.34)	$	0.19	$	(2.46)

The following table presents potentially dilutive weighted-average common shares which were excluded from the denominator for diluted EPS in periods of losses:



	Three months ended June 30,		Six months ended June 30,
	2022	2021	2022	2021
	(in millions)
Shares issuable upon exercise of warrants	—	4.4	—	4.4

Shares issuable upon settlement of RSUs	—	1.1	—	0.8
Shares issuable upon settlement of PSUs	—	0.9	—	0.7

Total antidilutive shares	—	6.4	—	5.9