Net Income Per Common Share

6 Months Ended

Jun. 30, 2020

Net Income (Loss) Per Common Share

Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:


(In millions, except per share data)	Three months ended June 30,									Six months ended June 30,
			2020			2019			2020			2019
Numerator:
Net income (loss)—basic and diluted	$	909		$	428		$	(317)		$	1,123
Denominator:
Basic weighted-average common shares outstanding	160.8			163.3			161.5			163.1
Effect of share-based awards:
Stock options	0.3			1.2			—			1.1
Nonvested shares	0.4			0.7			—			0.7
Diluted weighted-average shares	161.5			165.2			161.5			164.9
Earnings (loss) per share:
Basic	$	5.65		$	2.62		$	(1.96)		$	6.89
Diluted	$	5.63		$	2.59		$	(1.96)		$	6.81
Number of anti-dilutive share-based awards	2.7			0.4			2.6			0.7

See our 2019 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 176, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three and six months ended June 30, 2020 and 2019. These share-based awards were not included in the computation of net income (loss) per common share (diluted) because their exercise would have anti-dilutive effects. As a result of the net loss for the six months ended June 30, 2020, the assumed exercise of share-based awards were excluded from the computation of diluted loss per share for that period.