Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Summary of denominators for the computation of basic and diluted earnings per share

The following table sets forth the calculation of basic and diluted net income (loss) per share:



	Year Ended December 31,
	2019		2018		2017
	(In millions, except net income (loss) per share)
Numerator:
Net income (loss)	$	737	$	707	$	(512	)
Denominator:
Shares outstanding at the beginning of the period	62.1		59.3		55.8
Weighted-average number of shares issued:
Exchange of convertible senior notes ⁽¹⁾	—		1.4		0.1
Conversion of convertible senior notes ⁽¹⁾	—		0.2		—
Stock-based compensation	0.1		0.2		0.5
Denominator for basic net income (loss) per share	62.2		61.1		56.4
Effect of dilutive securities:
Warrants ⁽²⁾	1.4		4.8		—
Convertible senior notes ⁽¹⁾	—		0.4		—
Stock-based compensation	0.6		0.3		—
Denominator for diluted net income (loss) per share	64.2		66.6		56.4

Net income (loss) per share: ⁽³⁾
Basic	$	11.85	$	11.57	$	(9.07	)
Diluted	$	11.47	$	10.61	$	(9.07	)

Potentially dilutive common shares excluded from calculations: ⁽²⁾
Warrants	—		—		1.9
Convertible senior notes ⁽¹⁾	—		—		0.4
Stock-based compensation	—		—		0.3

_______________________________


(1)	“Convertible senior notes” in this table refer to the 1.625% convertible senior notes due 2044 that were settled in 2018.

(2)

For more information regarding the warrants, including partial termination transactions, refer to Note 14, “Stockholders' Equity.” The dilutive effect of all potentially dilutive common shares is calculated using the treasury stock method. Certain potentially dilutive common shares issuable are not included in the computation of diluted net income (loss) per share because to do so would have been anti-dilutive.

(3)

Source data for calculations in thousands.