NET EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

NOTE 5: NET EARNINGS PER SHARE

Our basic and diluted earnings per share for the last three years were:


	$1.15 in 2023,
	$2.53 in 2022 and
	$3.48 and $3.47, respectively, in 2021.

HOW WE CALCULATE BASIC AND DILUTED NET EARNINGS PER SHARE

Basic earnings per share is net earnings available to common shareholders divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued.

Diluted earnings per share is net earnings available to common shareholders divided by the sum of the:


	weighted average number of our outstanding common shares and
	the effect of our outstanding dilutive potential common shares.

Dilutive potential common shares may include:


	outstanding stock options,
	restricted stock units and
	performance share units.

Calculation of Weighted Average Number of Outstanding Common Shares – Dilutive


SHARES IN THOUSANDS
	2023		2022		2021
Weighted average number of outstanding shares — basic		731,654		741,904		749,496
Dilutive potential common shares:
Stock options		132		253		336
Restricted stock units		201		423		764
Performance share units		235		373		387
Total effect of outstanding dilutive potential common shares		568		1,049		1,487
Weighted average number of outstanding common shares — dilutive		732,222		742,953		750,983

We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units. Share-based payment awards that are contingently issuable upon the achievement of specified performance or market conditions are included in our diluted earnings per share calculation in the period in which the conditions are satisfied.

SHARES EXCLUDED FROM DILUTIVE EFFECT

The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods.

Potential Shares Not Included in the Computation of Diluted Earnings per Share


SHARES IN THOUSANDS
	2023		2022		2021
Stock options		609		610		—
Performance share units		706		623		729