Earnings Per Share

12 Months Ended

Dec. 31, 2022

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 diluted common shares outstanding. Diluted 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,
	2022		2021		2020
Basic:
Net income	$	463	$	837	$	504
Weighted-average shares outstanding	52,207,903		53,446,399		53,441,375
Basic earnings per share	$	8.86	$	15.66	$	9.43

Diluted:
Net income	$	463	$	837	$	504
Weighted-average shares outstanding	52,207,903		53,446,399		53,441,375
Dilutive shares	350,809		456,031		471,870
Diluted weighted-average shares outstanding	52,558,712		53,902,430		53,913,245
Diluted earnings per share	$	8.80	$	15.52	$	9.35

Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 173,519, 8,000, and 46,128 shares that were anti-dilutive for the years ended December 31, 2022, 2021, and 2020, respectively.