EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

We calculate basic earnings per share by dividing 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 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 our computation:


Basic and diluted earnings per share
	Year Ended December 31,
(in millions, except per share data)	2023		2022		2021
Net income	$	4,609	$	1,318	$	280

Basic weighted average shares outstanding	639		638		636
Dilutive effect of share-based instruments	4		3		5
Diluted weighted average shares outstanding	643		641		641

Basic earnings per share	$	7.21	$	2.07	$	0.44
Diluted earnings per share	$	7.17	$	2.06	$	0.44