Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
Numerator:
Net income (loss)—basic and diluted	$	534	$	(818)	$	759	$	(1,084)
Denominator:
Basic weighted-average common shares outstanding	157.0		159.6		157.1		160.0
Effect of share-based awards:
Stock options	0.6		—		0.8		—
Nonvested shares	0.4		—		0.4		—
Diluted weighted-average shares	158.0		159.6		158.3		160.0
Earnings (loss) per share:
Basic	$	3.40	$	(5.12)	$	4.83	$	(6.77)
Diluted	$	3.38	$	(5.12)	$	4.80	$	(6.77)
Number of anti-dilutive share-based awards	1.5		2.0		1.5		2.2

The above table shows the number of anti-dilutive share-based awards for the three and six months ended June 30, 2023 and 2022. In accordance with Accounting Standards Codification 260, Earnings per Share, the assumed exercise of share-based awards was excluded from the computation of diluted loss per share for the three and six months ended June 30, 2022, because their exercise would have anti-dilutive effects. See our 2022 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 170, for information about share-based awards.