(Loss)/Earnings Per Share

9 Months Ended

Sep. 30, 2020

(LOSS)/EARNINGS PER SHARE

We calculate basic (loss)/earnings per share and diluted (loss) per share by dividing net (loss)/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 (loss)/earnings per share calculation are not material. The following table shows the computation of basic and diluted (loss)/earnings per share:


	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except per share data)	2020		2019		2020		2019
Net (loss)/income	$	(5,379)	$	1,495	$	(11,630)	$	3,669

Basic weighted average shares outstanding	635		646		636		654
Dilutive effect of share-based awards	—		2		—		2
Diluted weighted average shares outstanding	635		648		636		656

Basic (loss)/earnings per share	$	(8.47)	$	2.32	$	(18.30)	$	5.61
Diluted (loss)/earnings per share	$	(8.47)	$	2.31	$	(18.30)	$	5.59