NET INCOME (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2021

The following table sets forth the computation of basic and diluted net income (loss) per share (in millions, except per share amounts).


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
NUMERATOR:
Net income (loss)	$	446	$	(1,157)	$	909	$	(2,166)

DENOMINATOR:
Weighted-average shares outstanding, basic	592		590		591		556
Dilutive effects of convertible notes (a)	14		—		17		—
Dilutive effect of stock warrants	1		—		1		—
Dilutive effect of restricted stock units	—		—		1		—
Adjusted weighted-average shares outstanding, diluted	607		590		610		556

NET INCOME (LOSS) PER SHARE:



Basic	$	0.75	$	(1.96)	$	1.54	$	(3.89)
Diluted	$	0.73	$	(1.96)	$	1.49	$	(3.89)

Antidilutive amounts excluded from calculations:
Convertible debt (a)	—		5		—		2
Restricted stock units	—		1		—		1

(a) Because the Company intends to settle conversions by paying cash up to the principal amount of the convertible notes, with any excess conversion value settled in cash or shares of common stock, the convertible notes are being accounted for using the treasury stock method for the purposes of Net income (loss) per share. Using this method, the denominator will be affected when the average share price of the Company's common stock for a given period is greater than the conversion price of approximately $38.48 per share, and the Company reports Net income for the given period. For the three and nine months ended September 30, 2021, the average market price of the Company's common stock exceeded this conversion price per share and as such, the common shares underlying the convertible notes were included in the diluted calculation. See Note 8 for further information on the convertible notes.