Earnings per Share

9 Months Ended

Sep. 30, 2019

An economic interest in Partnership common equity is held by the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”), which is reflected as a noncontrolling interest in our equity. See Note 12, Shareholders’ Equity.

Basic and diluted earnings per share is computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by Partnership exchangeable units and outstanding equity awards, unless the effect of their inclusion is anti-dilutive. The diluted earnings per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings allocated to the holders of noncontrolling interests.

The following table summarizes the basic and diluted earnings per share calculations (in millions, except per share amounts):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Numerator:
Net income attributable to common shareholders - basic	$	201	$	134	$	478	$	449
Add: Net income attributable to noncontrolling interests	150		116		376		393
Net income available to common shareholders and noncontrolling interests - diluted	$	351	$	250	$	854	$	842

Denominator:
Weighted average common shares - basic	267		251		258		249
Exchange of noncontrolling interests for common shares (Note 12)	197		218		204		218
Effect of other dilutive securities	6		6		7		7
Weighted average common shares - diluted	470		475		469		474

Basic earnings per share (a)	$	0.76	$	0.53	$	1.85	$	1.81
Diluted earnings per share (a)	$	0.75	$	0.53	$	1.82	$	1.78
Anti-dilutive securities outstanding	3		6		3		6

(a) Earnings per share may not recalculate exactly as it is calculated based on unrounded numbers.