Earnings/(Loss) Per Share

6 Months Ended

Jun. 30, 2022

EARNINGS/(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 instruments, including stock options, restricted stock awards and warrants. Antidilutive common stock equivalents excluded from the diluted earnings per share calculation are not material. The following table shows the computation of basic and diluted earnings/(loss) per share:


Basic and diluted earnings/(loss) per share
	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2022		2021		2022		2021
Net income/(loss)	$	735	$	652	$	(205)	$	(525)

Basic weighted average shares outstanding	638		637		638		636
Dilutive effect of share-based instruments	3		5		—		—
Diluted weighted average shares outstanding	641		642		638		636

Basic earnings/(loss) per share	$	1.15	$	1.02	$	(0.32)	$	(0.82)
Diluted earnings/(loss) per share	$	1.15	$	1.02	$	(0.32)	$	(0.82)