Earnings /(Loss) Per Share

12 Months Ended

Dec. 31, 2021

(LOSS) PER SHARE

We calculate basic earnings/(loss) per share and diluted (loss) per share by dividing net income/(loss) 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, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings/(loss) per share calculation are not material. The following table shows our computation:


Basic and diluted earnings/(loss) per share
	Year Ended December 31,
(in millions, except per share data)	2021		2020		2019
Net income/(loss)	$	280	$	(12,385)	$	4,767

Basic weighted average shares outstanding	636		636		651
Dilutive effect of share-based awards	5		—		2
Diluted weighted average shares outstanding	641		636		653

Basic earnings/(loss) per share	$	0.44	$	(19.49)	$	7.32
Diluted earnings/(loss) per share	$	0.44	$	(19.49)	$	7.30