Net Income Per Common Share

3 Months Ended

Mar. 31, 2022

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 March 31,
		2022		2021
Numerator:
Net income (loss)—basic and diluted		$	(273)	$	620
Denominator:
Basic weighted-average common shares outstanding		160.4		161.0
Effect of share-based awards:
Stock options		—		0.9
Nonvested shares		—		0.6
Diluted weighted-average shares		160.4		162.5
Earnings (loss) per share:
Basic		$	(1.70)	$	3.85
Diluted		$	(1.70)	$	3.82
Number of anti-dilutive share-based awards		2.3		1.0

In accordance with Accounting Standards Codification 260, Earnings per Share, the assumed exercise of share-based awards were excluded from the computation of diluted loss per share for the three months ended March 31, 2022. See our 2021 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 169, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three months ended March 31, 2022 and 2021. 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.