Earnings Per Share

12 Months Ended

Dec. 31, 2019

Basic net earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares assuming dilution. Dilutive common shares outstanding is computed using the Treasury Stock method and, in periods of income, reflects the additional shares that would be outstanding if dilutive stock options were exercised for common shares during the period.

Earnings per share (in millions, except share data):



	Year Ended December 31,
	2019		2018		2017
Basic:
Net income	$	544	$	421	$	17
Weighted-average shares outstanding	53,991,249		53,591,655		53,021,761
Basic earnings per share	$	10.08	$	7.86	$	0.33

Diluted:
Net income	$	544	$	421	$	17
Weighted-average shares outstanding	53,991,249		53,591,655		53,021,761
Dilutive shares	603,168		708,157		667,071
Diluted weighted-average shares outstanding	54,594,417		54,299,812		53,688,832
Diluted earnings per share	$	9.97	$	7.76	$	0.32

Anti-dilutive options to purchase common shares are excluded from diluted earnings per share calculations. Anti-dilutive options consist primarily of SARs with an exercise price greater than the average market closing price of the Class A Common Stock. There were 47,240, 72,856, and 259,142 shares that were anti-dilutive for the years ended December 31, 2019, 2018, and 2017, respectively.