(Loss)/Earnings Per Share

12 Months Ended

Dec. 31, 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 our computation of basic and diluted (loss)/earnings per share:


Basic and diluted (loss)/earnings per share
	Year Ended December 31,
(in millions, except per share data)	2020		2019		2018
Net (loss)/income	$	(12,385)	$	4,767	$	3,935

Basic weighted average shares outstanding	636		651		691
Dilutive effect of share-based awards	—		2		3
Diluted weighted average shares outstanding	636		653		694

Basic (loss)/earnings per share	$	(19.49)	$	7.32	$	5.69
Diluted (loss)/earnings per share	$	(19.49)	$	7.30	$	5.67