Earnings per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share

The computations of basic and diluted earnings per share is as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021		2020
	(in millions, except per share amounts)
Numerator:
Net income	$	591	$	(539)		$	1,028	$	1,497
Denominator:
Basic: Weighted-average common shares outstanding	118.4		125.0			119.1		125.7
Effect of potentially dilutive nonqualified stock options and other share-based awards	2.8		1.2			2.6		1.5
Diluted: Weighted-average common shares outstanding	121.2		126.2			121.7		127.2
Earnings per share:
Basic	$	4.99	$	(4.31)		$	8.63	$	11.91
Diluted	$	4.88	$	(4.31)	(1)	$	8.45	$	11.77

(1) Diluted shares used in this calculation represent basic shares due to the net loss. Using actual diluted shares would result in anti-dilution.

The calculation of diluted earnings per share excludes the incremental effect of nil and 1.5 million options as of June 30, 2021 and 2020, respectively, due to their anti-dilutive effect.