Earnings per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Earnings per Share

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

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021		2020			2021		2020
	(in millions, except per share amounts)
Numerator:
Net income	$	1,031	$	(140)		$	2,059	$	1,357
Denominator:
Basic: Weighted-average common shares outstanding	116.4		123.0			118.2		124.8
Effect of potentially dilutive nonqualified stock options and other share-based awards	2.8		1.9			2.7		1.7
Diluted: Weighted-average common shares outstanding	119.2		124.9			120.9		126.5
Earnings per share:
Basic	$	8.86	$	(1.14)		$	17.42	$	10.87
Diluted	$	8.65	$	(1.14)	(1)	$	17.03	$	10.73

(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 1.5 million options as of September 30, 2020 due to their anti-dilutive effect.