Net Income Per Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income Per Common Share

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)	Years ended December 31,
	2022		2021		2020
Numerator:
Net income (loss)—basic and diluted	$	(486)	$	2,946	$	1,216
Denominator:
Basic weighted-average common shares outstanding	158.8		161.0		161.2
Effect of share-based awards:
Stock options	—		1.1		0.7
Nonvested shares	—		0.6		0.5
Diluted weighted-average shares	158.8		162.7		162.4
Earnings (loss) per share:
Basic	$	(3.06)	$	18.29	$	7.55
Diluted	(3.06)		18.10		7.49
Number of anti-dilutive share-based awards	2.2		0.8		1.4

The sources of dilution of our common shares are certain equity-based awards as discussed in Note 17, Share-Based Associate Compensation Plans. The above table includes the number of anti-dilutive share-based awards at year-end 2022, 2021 and 2020. 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 year-ended 2022, because their exercise would have anti-dilutive effects.