EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2023

Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reportable period. The diluted earnings per share calculation adds to the weighted average number of common shares outstanding: the incremental shares that would have been outstanding assuming the exercise of dilutive stock options, the vesting of unvested restricted shares of common stock, restricted stock units and performance units. An antidilutive impact is an increase in earnings per share or a reduction in net loss per share resulting from the conversion, exercise or contingent issuance of certain securities.

The following table presents the computation of earnings per share for the three months ended March 31, 2023 and 2022:


	For the three months ended March 31,
(in millions, except share/per share amounts)	2023		2022
Net income (loss)	$	1,939	$	(2,675)

Number of common shares:
Weighted average outstanding	1,100,278,261		1,114,610,964
Issued upon assumed exercise of outstanding stock options	—		—
Effect of issuance of non-vested restricted common stock	790,131		—
Effect of issuance of non-vested restricted units	1,328,244		—
Effect of issuance of non-vested performance units	—		—
Weighted average and potential dilutive outstanding	1,102,396,636		1,114,610,964

Earnings (loss) per common share
Basic	$	1.76	$	(2.40)
Diluted	$	1.76	$	(2.40)

The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three months ended March 31, 2023 and 2022, as they would have had an antidilutive effect:


	For the three months ended March 31,
	2023	2022
Unexercised stock options	866,318	2,948,488
Unvested restricted common stock	—	1,436,920
Restricted units	1,914,812	2,528,005
Performance units	326,088	1,917,579
Total	3,107,218	8,830,992