EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

Basic earnings per common share is computed by dividing net income (loss) attributable to common stock 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 and six months ended June 30, 2024 and 2023:


	For the three months ended June 30,				For the six months ended June 30,
(in millions, except share/per share amounts)	2024		2023		2024		2023
Net income (loss)	$	(608)	$	231	$	(2,143)	$	2,170

Number of common shares:
Weighted average outstanding	1,102,737,261		1,101,167,082		1,102,281,059		1,100,725,127

Effect of issuance of non-vested restricted common stock	—		834,120		—		812,008
Effect of issuance of non-vested restricted units	—		723,580		—		950,178

Weighted average and dilutive outstanding	1,102,737,261		1,102,724,782		1,102,281,059		1,102,487,313

Earnings (loss) per common share
Basic	$	(0.55)	$	0.21	$	(1.94)	$	1.97
Diluted	$	(0.55)	$	0.21	$	(1.94)	$	1.97

The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2024 and 2023, as they would have had an antidilutive effect:


	For the three months ended June 30,		For the six months ended June 30,
	2024	2023	2024	2023
Unexercised stock options	—	820,138	229,819	843,100
Unvested restricted common stock	984,868	66,970	981,419	33,670
Restricted units	2,212,995	1,403,519	3,557,404	2,191,937
Performance units	624,391	752,512	580,268	540,478
Total	3,822,254	3,043,139	5,348,910	3,609,185