Earnings Per Share

12 Months Ended

Dec. 31, 2015

EARNINGS PER SHARE

We calculate basic earnings per share by dividing the net income by the weighted average number of common shares outstanding, excluding restricted shares. We calculate diluted earnings per share by dividing net income by the weighted average number of common shares outstanding plus the dilutive effect of outstanding share-based awards, including stock options and restricted stock awards. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows our computation of basic and diluted earnings per share:



	Year Ended December 31,
(in millions, except per share data)	2015		2014		2013
Net income	$	4,526	$	659	$	10,540

Basic weighted average shares outstanding	797		836		849
Dilutive effect of share-based awards	7		9		9
Diluted weighted average shares outstanding	804		845		858

Basic earnings per share	$	5.68	$	0.79	$	12.41
Diluted earnings per share	$	5.63	$	0.78	$	12.29