Earnings Per Share

12 Months Ended

Dec. 31, 2019

Basic earnings per share, excluding dilution, is computed by dividing earnings available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings.

The following table sets forth the computation of basic and diluted earnings per share of common stock:



	For the Years Ended December 31,
	2019			2018			2017
	(In millions, except share data)
Net income applicable to common stockholders	$	218		$	187		$	63
Weighted Average Shares
Weighted average common shares outstanding	56,584,238			57,520,289			57,093,868
Effect of dilutive securities
May Investor Warrants	—			—			12,287
Stock-based awards	654,740			802,661			1,072,188
Weighted average diluted common shares	57,238,978			58,322,950			58,178,343
Earnings per common share
Basic earnings per common share	$	3.85		$	3.26		$	1.11
Effect of dilutive securities
May Investor Warrants	—			—			—
Stock-based awards	(0.05		)	(0.05		)	(0.02		)
Diluted earnings per common share	$	3.80		$	3.21		$	1.09