NET LOSS PER SHARE

9 Months Ended

Dec. 31, 2022

NET LOSS PER SHARE

NET LOSS PER SHARE

NOTE 6. NET LOSS PER SHARE

We did not declare any stock dividends in the periods presented. The following tables provide the computation of basic and diluted earnings per share of common stock for the three and nine months ended December 31, 2022 and 2021.

	Three Months Ended December 31,				Nine Months Ended December 31,
(In millions, except per share amounts)	2022		2021		2022		2021
Net income (loss) on which basic and diluted earnings per share is calculated	$	(106)	$	(731)	$	(637)	$	(1,810)
Number of shares on which basic and diluted earnings per share is calculated		227.0		224.2		226.4		224.1
Basic earnings (loss) per share	$	(0.47)	$	(3.26)	$	(2.81)	$	(8.07)
Diluted earnings (loss) per share		(0.47)		(3.26)		(2.81)		(8.07)

Prior to the Separation, the Company did not have any publicly-traded common stock or equivalents issued and outstanding. Accordingly, for periods prior to the Separation, the number of shares used in the calculation of basic and diluted earnings per share were based on the 224.1 million shares distributed on the Separation Date.

For the three and nine months ended December 31, 2022, the Company’s basic and diluted weighted-average shares outstanding were the same. The following securities were not included in the computation of diluted net loss per share because they would have been anti-dilutive:

(In millions)
Nonvested restricted stock units issued and outstanding	9.9
Nonvested performance-based stock units	2.5
Nonvested market-conditioned performance awards	2.4
Stock options issued and outstanding	3.7
Total	18.6