Earnings Per Share

12 Months Ended

Dec. 31, 2021

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 share-based compensation awards were converted into common shares during the period.

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


	Year Ended December 31,
	2021		2020		2019
Basic:
Net income	$	837	$	504	$	544
Weighted-average shares outstanding	53,446,399		53,441,375		53,991,249
Basic earnings per share	$	15.66	$	9.43	$	10.08

Diluted:
Net income	$	837	$	504	$	544
Weighted-average shares outstanding	53,446,399		53,441,375		53,991,249
Dilutive shares	456,031		471,870		603,168
Diluted weighted-average shares outstanding	53,902,430		53,913,245		54,594,417
Diluted earnings per share	$	15.52	$	9.35	$	9.97

Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 8,000, 46,128, and 47,240 shares that were anti-dilutive for the years ended December 31, 2021, 2020, and 2019, respectively.