Earnings per share The following table presents the reconciliation of basic and diluted earnings per share for the years ended December 31, 2022, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions, except per share data) | Year ended December 31, 2022 | | Year ended December 31, 2021 | | Year ended December 31, 2020 | | | Earnings (numerator) | | Weighted average shares outstanding (denominator) | | Earnings per share | | Earnings (numerator) | | Weighted average shares outstanding (denominator) | | Earnings per share | | Earnings (numerator) | | Weighted average shares outstanding (denominator) | | Earnings per share | | | | | | | Basic | $ | 662.3 | | | 650.9 | | | $ | 1.02 | | | $ | 508.0 | | | 590.5 | | | $ | 0.86 | | | $ | 52.0 | | | 576.3 | | | $ | 0.09 | | | | | | | | Dilutive effect of stock-based awards | — | | | 5.6 | | | | | — | | | 9.1 | | | | | — | | | 7.1 | | | | | | | | | | Dilutive impact of MCPS | 24.2 | | | 22.9 | | | | | — | | | — | | | | | — | | | — | | | | | | | | | | Diluted | $ | 686.5 | | | 679.4 | | | $ | 1.01 | | | $ | 508.0 | | | 599.6 | | | $ | 0.85 | | | $ | 52.0 | | | 583.4 | | | $ | 0.09 | | | | | | | |
For the year ended December 31, 2021 and 2020, diluted earnings per share included accumulation of yield on preferred stock of $64.6 million, and excluded 62.9 million of common stock equivalents under the MCPS because they were anti-dilutive to the calculation.
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