Earnings per Share

3 Months Ended

Mar. 31, 2024

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 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 March 31,
		2024		2023
Numerator:
Net income attributable to common shareholders - basic		$	230	$	189
Add: Net income attributable to noncontrolling interests		97		87
Net income available to common shareholders and noncontrolling interests - diluted		$	327	$	276

Denominator:
Weighted average common shares - basic		314		309
Exchange of noncontrolling interests for common shares (Note 12)		134		143
Effect of other dilutive securities		5		4
Weighted average common shares - diluted		453		456

Basic earnings per share (a)		$	0.73	$	0.61
Diluted earnings per share (a)		$	0.72	$	0.61
Anti-dilutive securities outstanding		3		7

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