Net (Loss) Income Per Common Share

3 Months Ended

Mar. 31, 2020

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

NET (LOSS) INCOME PER COMMON SHARE

Basic and diluted net (loss) income per common share are presented in the following table.

	Three Months Ended March 31,
(in millions, except per share data)	2020			2019
Basic and diluted
Net (loss) income	$	(65	)	$	339
Less: Income allocated to participating securities	—			2
Net (loss) income attributable to common shares	$	(65	)	$	337
Basic average common shares	141			158
Basic net (loss) income per common share	$	(0.46	)	$	2.14
Basic average common shares	141			158
Dilutive common stock equivalents:
Net effect of the assumed exercise of stock awards	—			2
Diluted average common shares	141			160
Diluted net (loss) income per common share	$	(0.46	)	$	2.11
Average shares related to stock awards excluded from the calculation of diluted net (loss) income per share:
Exercise price greater than average market price of common shares for the period	1.2			0.4
Anti-dilutive (a)	2.6			—

(a) Average exercise price less than average market price of common shares for period; however, anti-dilutive due to net loss during the period.