Earnings Per Share

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Basic:
Net income	$	296	$	463	$	837
Weighted-average shares outstanding	51,378,051		52,207,903		53,446,399
Basic earnings per share	$	5.75	$	8.86	$	15.66

Diluted:
Net income	$	296	$	463	$	837
Weighted-average shares outstanding	51,378,051		52,207,903		53,446,399
Dilutive shares	332,911		350,809		456,031
Diluted weighted-average shares outstanding	51,710,962		52,558,712		53,902,430
Diluted earnings per share	$	5.72	$	8.80	$	15.52

Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 129,856, 173,519 and 8,000 shares that were anti-dilutive for the years ended December 31, 2023, 2022 and 2021, respectively.