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Earnings Per Share
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Earnings Per Share

Note 18 — Earnings Per Share

Basic and diluted earnings per share from continuing operations attributable to WTW and discontinued operations, net of tax are calculated by dividing net income from continuing operations attributable to WTW and discontinued operations, net of tax, respectively, by the average number of ordinary shares outstanding during each period. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that then shared in the net income of the Company.

At both September 30, 2022 and 2021, there were 0.6 million restricted performance-based stock units outstanding. At September 30, 2022, there were 0.4 million restricted time-based stock units outstanding; restricted time-based stock units were immaterial at September 30, 2021. There were no performance-based options outstanding at September 30, 2022; at September 30, 2021, there were 0.3 million performance-based options outstanding. The Company’s time-based share options were immaterial at September 30, 2022; there were 0.1 million time-based share options outstanding at September 30, 2021.

Basic and diluted earnings per share are as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Income from continuing operations

 

$

184

 

 

$

919

 

 

$

458

 

 

$

1,582

 

Less: income attributable to non-controllable interests

 

 

(2

)

 

 

(4

)

 

 

(10

)

 

 

(9

)

Income from continuing operations attributable to WTW

 

$

182

 

 

$

915

 

 

$

448

 

 

$

1,573

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) from discontinued operations, net of tax

 

$

8

 

 

$

(12

)

 

$

(27

)

 

$

247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic average number of shares outstanding

 

 

110

 

 

 

129

 

 

 

113

 

 

 

130

 

Dilutive effect of potentially issuable shares

 

 

1

 

 

 

—

 

 

 

1

 

 

 

—

 

Diluted average number of shares outstanding

 

 

111

 

 

 

129

 

 

 

114

 

 

 

130

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share from continuing operations attributable
   to WTW

 

$

1.65

 

 

$

7.10

 

 

$

3.95

 

 

$

12.14

 

Dilutive effect of potentially issuable shares

 

 

—

 

 

 

(0.02

)

 

 

—

 

 

 

(0.04

)

Diluted earnings per share from continuing operations
   attributable to WTW

 

$

1.65

 

 

$

7.08

 

 

$

3.95

 

 

$

12.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings/(loss) per share from discontinued operations,
   net of tax

 

$

0.07

 

 

$

(0.09

)

 

$

(0.24

)

 

$

1.90

 

Dilutive effect of potentially issuable shares

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Diluted earnings/(loss) per share from discontinued operations,
   net of tax

 

$

0.07

 

 

$

(0.09

)

 

$

(0.24

)

 

$

1.90

 

 

For both the three and nine months ended September 30, 2022, 0.3 million restricted stock units were not included in the computation of the dilutive effect of potentially issuable shares because their effect was anti-dilutive. For the three and nine months ended September 30, 2021, 0.4 million and 0.3 million restricted stock units, respectively, were not included in the computation of the dilutive effect of potentially issuable shares because their effect was anti-dilutive. There were no anti-dilutive options for the three and nine months ended September 30, 2022 and 2021.