Earnings per share

9 Months Ended

Sep. 30, 2018



	Three Months Ended					Nine Months Ended
	September 30					September 30
(in millions of U.S. dollars, except share and per share data)	2018		2017			2018		2017
Numerator:
Net income (loss)	$	1,231	$	(70	)	$	3,607	$	2,328
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	462,981,973		466,370,784			464,644,013		467,658,334
Denominator for diluted earnings per share:
Share-based compensation plans	3,034,525		—			3,360,511		3,961,572
Weighted-average shares outstanding and assumed conversions	466,016,498		466,370,784			468,004,524		471,619,906
Basic earnings (loss) per share	$	2.66	$	(0.15	)	$	7.76	$	4.98
Diluted earnings (loss) per share	$	2.64	$	(0.15	)	$	7.71	$	4.94
Potential anti-dilutive share conversions	3,763,844		2,045,829			3,467,000		1,673,777

Excluded from 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, 2017, weighted-average shares outstanding used in calculating diluted loss per share excludes the effect of dilutive securities of 3,820,673 shares. In periods where a net loss is recognized, inclusion of incremental dilution is antidilutive.