EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

NOTE 8. EARNINGS PER SHARE

Basic and diluted net income (loss) per share are computed by dividing net income (loss) by the weighted-average number of common shares outstanding. Diluted net income (loss) per share reflects the dilutive effect of stock-based compensation.


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Computation of Net Income (Loss) per Share	(In millions, except per share data)
Net income (loss)	$	355.8	$	(120.1)	$	599.4	$	(200.1)
Basic shares	159.9		157.9		159.2		157.8
Basic net income (loss) per share	$	2.23	$	(0.76)	$	3.77	$	(1.27)
Diluted shares:
Basic shares	159.9		157.9		159.2		157.8
Stock-based compensation	3.9		—		3.1		—
Diluted shares	163.8		157.9		162.3		157.8
Diluted net income (loss) per share	$	2.17	$	(0.76)	$	3.69	$	(1.27)

The computation of dilutive shares does not include less than 0.1 million and 10.3 million shares for the three months ended June 30, 2021 and 2020, respectively, and 1.1 million and 10.3 million shares for the six months ended June 30, 2021 and 2020, respectively, as their effect would have been anti-dilutive.