Income (Loss) and Dividends per Common Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Income (Loss) and Dividends per Common Share

Income (loss) and Dividends per Common Share

Basic income (loss) per share is based on the weighted average number of common shares outstanding. Diluted income (loss) per share assumes exercise of stock options in all periods, provided the effect is not antidilutive. The per share calculations below exclude 7 million of stock options for each of the three and six months ended June 30, 2020 and 6 million of stock options for each of the three and six months ended June 30, 2019 that were antidilutive.

	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2020		2019		2020		2019
Net income (loss)	$	(750)	$	161	$	(796)	$	335
Weighted average common shares outstanding	790		813		793		817
Effect of dilutive securities	—		1		—		—
Weighted average common shares, diluted	790		814		793		817
Net income (loss) per share:
Basic	$	(0.95)	$	0.20	$	(1.00)	$	0.41
Diluted	$	(0.95)	$	0.20	$	(1.00)	$	0.41
Dividends per share	$	—	$	0.05	$	0.05	$	0.10