Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Reconciliation of Information Used to Compute Basic and Diluted EPS

The information used to compute basic and diluted EPS attributable to the Company's common shareholders was as follows (shares in millions):

	Third quarter ended				Nine months ended
	September 30,				September 30,
	2020		2019		2020		2019
Net income (loss) attributable to common shareholders:
Income (loss) from continuing operations attributable to common shareholders	$	36	$	58	$	105	$	8
Income (loss) attributable from discontinued operations	—		37		50		153
Net income (loss) attributable to common shareholders	36		95		155		161
Less: preferred stock dividends declared	(1)		(1)		(2)		(2)
Net income available to the Company's common shareholders - basic	35		94		153		159
Add: Interest expense related to convertible notes	—		3		—		—
Net income available to the Company's common shareholders - diluted	$	35	$	97	$	153	$	159
Average shares outstanding - basic	436		436		436		451
Effect of dilutive securities:
Stock options	—		1		—		1
Stock and performance awards	3		5		4		3
Convertible notes(1)	—		15		—		—
Average shares outstanding - diluted	439		457		440		455

(1)The convertible notes matured on October 15, 2019 (see Note O). No shares of the Company’s common stock were issued in connection with the maturity or the final conversion of the convertible notes. As of October 15, 2019, the calculation of average diluted shares outstanding ceased to include the approximately 15 shares of common stock and the corresponding interest expense previously attributable to the convertible notes.

Schedule of Anti Dilutive Securities Excluded From Computation of Weighted Average Shares Outstanding

The following shares were excluded from the calculation of average shares outstanding – diluted as their effect was anti-dilutive (shares in millions).

	Third quarter ended		Nine months ended
	September 30,		September 30,
	2020	2019	2020	2019
Convertible notes	—	—	—	15
Stock options(1)	3	3	3	3

(1)The weighted average exercise price per share of options excluded from diluted EPS was $26.03 and $32.64 as of September 30, 2020 and September 30, 2019, respectively