Earnings Per Share

12 Months Ended

Dec. 31, 2020

Basic earnings per share, excluding dilution, is computed by dividing earnings applicable 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,
	2020		2019		2018
	(In millions, except share data)
Net income applicable to common stockholders	$	538	$	218	$	187
Weighted Average Shares
Weighted average common shares outstanding	56,094,542		56,584,238		57,520,289
Effect of dilutive securities
Stock-based awards	411,271		654,740		802,661
Weighted average diluted common shares	56,505,813		57,238,978		58,322,950
Earnings per common share
Basic earnings per common share	$	9.59	$	3.85	$	3.26
Effect of dilutive securities
Stock-based awards	(0.07)		(0.05)		(0.05)
Diluted earnings per common share	$	9.52	$	3.80	$	3.21