Basic and Diluted Net Income (Loss) Attributable to L&W Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Basic and Diluted Loss Per Share

Basic and diluted net income (loss) attributable to L&W per share is based upon net income (loss) attributable to L&W divided by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the effect of the assumed exercise of stock options and RSUs only in the periods in which such effect would have been dilutive to net income from continuing operations.

The below table presents a reconciliation of weighted average shares used in the calculation of basic and diluted earnings per share.

	Year Ended December 31,
	2022	2021	2020
Weighted average shares for basic earnings per share	95	96	95
Stock options	—	1	—
RSUs	—	1	—
Weighted average shares for diluted earnings per share	95	98	95

Basic and diluted net income (loss) attributable to L&W per share was the same for the years ended December 31, 2022 and 2020, as all common stock equivalents would have been anti-dilutive due to the net loss from continuing operations in those periods. We excluded 2 million of stock options and 2 million of RSUs outstanding as of December 31, 2022 and 2020 from the calculation of diluted weighted-average common shares outstanding for the years ended December 31, 2022 and 2020.