Earnings per share

3 Months Ended

Mar. 31, 2024

The computation of basic EPS is based on the weighted-average number of our common shares outstanding. The computation of diluted EPS is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which primarily include shares that may be issued under our stock option, restricted stock and performance unit award programs (collectively, dilutive securities), as determined by using the treasury stock method. As the Company recorded a net loss for the three months ended March 31, 2024, 5 million shares of employee stock-based awards were excluded in the computation of diluted loss per share because the effect would have been antidilutive.

The computations for basic and diluted (loss) earnings per share were as follows (in millions, except per-share data):


	Three months ended March 31,
	2024		2023
Income (Numerator):
Net (loss) income for basic and diluted (loss) earnings per share	$	(113)	$	2,841

Shares (Denominator):
Weighted-average shares for basic (loss) earnings per share	536		534
Effect of dilutive securities	—		4
Weighted-average shares for diluted (loss) earnings per share	536		538

Basic (loss) earnings per share	$	(0.21)	$	5.32
Diluted (loss) earnings per share	$	(0.21)	$	5.28

For the three months ended March 31, 2023, the number of antidilutive employee stock-based awards excluded from the computation of diluted EPS was not significant.