Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2022

Earnings (loss) per share is based on weighted average number of outstanding common shares. Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

The following table presents the income and share data used in the basic and diluted earnings per share computations.


Periods ended September 30	Three Months				Nine Months
(In millions, except per share data)	2022		2021		2022		2021
Net income (loss)	$	128	$	256	$	646	$	936

Common Stock and Common Stock Equivalents
Basic
Weighted average shares outstanding	271.4		271.7		271.7		271.8
Diluted
Weighted average shares outstanding	271.4		271.7		271.7		271.8
Dilutive effect of stock-based awards under compensation plans	0.9		1.0		0.9		1.0
Total	272.3		272.7		272.6		272.8

Earnings (loss) per share
Basic	$	0.47	$	0.94	$	2.38	$	3.44
Diluted	$	0.47	$	0.94	$	2.37	$	3.43

Excluded from the calculation of diluted earnings (loss) per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.

The Company repurchased 890,000 and 377,615 shares of CNAF common stock at an aggregate cost of $39 million and $18 million during the nine months ended September 30, 2022 and 2021.