Earnings per share

9 Months Ended

Sep. 30, 2012

Earnings per share

Earnings per share

The following table presents the computation of basic and diluted earnings per share:

	Three Months Ended					Nine Months Ended
	September 30					September 30
	2012		2011			2012		2011
	(in millions of U.S. dollars, except share and per share data)
Numerator:
Net income (loss)	$	640	$	(39	)	$	1,941	$	805
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	340,207,037		338,385,734			339,523,388		338,139,477
Denominator for diluted earnings per share:
Share-based compensation plans	2,665,676		—			2,831,798		2,733,434
Adjusted weighted-average shares outstanding and assumed conversions	342,872,713		338,385,734			342,355,186		340,872,911
Basic earnings per share	$	1.88	$	(0.11	)	$	5.71	$	2.38
Diluted earnings per share	$	1.86	$	(0.11	)	$	5.67	$	2.36

Excluded from adjusted weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. For the three months ended September 30, 2012 and 2011, the potential anti-dilutive share conversions were 1,449,610 shares and 2,295,260 shares, respectively. The potential anti-dilutive share conversions for the nine months ended September 30, 2012 and 2011 were 1,193,839 shares and 223,987 shares, respectively.