Earnings per share

6 Months Ended

Jun. 30, 2021

11. EARNINGS PER SHARE

The computation of basic and diluted EPS under the two-class method is set forth in the table below. Anti-dilutive shares outstanding were immaterial for all periods presented below. For the three and six month periods ended June 30, 2020, shares in the diluted loss per share calculation represent basic shares due to the net loss.


	Three months ended June 30					Six months ended June 30
(In millions, except per share amounts)	2021		2020			2021		2020
Numerator:
Basic and diluted:
Net income (loss) attributable to controlling interest	$	104	$	(175	)	$	261	$	(100	)
Participating share awards with dividend equivalent rights		0		0			0		0
Net income (loss) applicable to common shareholders		104		(175	)		261		(100	)
Earnings allocated to participating share awards1)		0		0			0		0
Net income (loss) attributable to common shareholders	$	104	$	(175	)	$	261	$	(100	)
Denominator: 1)
Basic: Weighted average common stock		87.4		87.3			87.4		87.3
Add: Weighted average stock options/ share awards		0.3		0.0			0.3		0.0
Diluted:		87.7		87.3			87.7		87.3

Net earnings (loss) per share - basic	$	1.19	$	(2.00	)	$	2.98	$	(1.14	)

Net earnings (loss) per share - diluted	$	1.19	$	(2.00	)	$	2.98	$	(1.14	)

1) The Company’s unvested RSUs and PSUs, of which some included the right to receive non-forfeitable dividend equivalents, are considered participating securities. Calculations of EPS under the two-class method exclude from the numerator any dividends paid or owed on participating securities and any undistributed earnings considered to be attributable to participating securities. The related participating securities are similarly excluded from the denominator.