Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share

Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings.

Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding.

Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding.

The elements used in the computation of basic and diluted earnings per share were as follows:


(In millions - except per share amounts)	Nine months ended September 30		Three months ended September 30
	2022	2021	2022	2021


Net loss available to common shareholders	($4,301)	($59)	($3,275)	($109)
Basic
Basic weighted average shares outstanding	594.0	587.3	596.3	589.0
Less: participating securities(1)	0.3	0.4	0.3	0.4
Basic weighted average common shares outstanding	593.7	586.9	596.0	588.6
Diluted


Diluted weighted average shares outstanding	594.0	587.3	596.3	589.0
Less: participating securities(1)	0.3	0.4	0.3	0.4
Diluted weighted average common shares outstanding	593.7	586.9	596.0	588.6
Net loss per share:
Basic	($7.24)	($0.10)	($5.49)	($0.19)
Diluted	(7.24)	(0.10)	(5.49)	(0.19)

(1)Participating securities include certain instruments in our deferred compensation plan.

3.2 million, 3.5 million, 2.3 million and 2.7 million potential common shares were excluded from the diluted loss per share calculation for the nine and three months ended September 30, 2022 and 2021, respectively, because the effect would have been antidilutive as a result of incurring a net loss in those periods. In addition, the following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted loss per share because the effect was either antidilutive or the performance condition was not met.


(Shares in millions)	Nine months ended September 30		Three months ended September 30
	2022	2021	2022	2021
Performance awards	2.1	2.8	2.5	3.0
Performance-based restricted stock units	0.4	0.8	0.4	0.8
Restricted stock units	1.3	0.5	1.6
Stock options	0.7	0.3	0.8	0.3