Earnings Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per ShareBasic 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)
Years ended December 31,	2022	2021	2020


Net loss available to common shareholders	($4,935)	($4,202)	($11,873)
Basic
Basic weighted average shares outstanding	595.2	588.0	569.0
Less: participating securities(2)	0.3	0.4	0.4
Basic weighted average common shares outstanding	594.9	587.6	568.6
Diluted
Basic weighted average shares outstanding	595.2	588.0	569.0
Dilutive potential common shares(1)
Diluted weighted average shares outstanding	595.2	588.0	569.0
Less: participating securities(2)	0.3	0.4	0.4
Diluted weighted average common shares outstanding	594.9	587.6	568.6
Net loss per share:
Basic	($8.30)	($7.15)	($20.88)
Diluted	(8.30)	(7.15)	(20.88)

(1)Diluted loss per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards.

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

As a result of incurring a net loss in 2022, 2021 and 2020, potential common shares of 3.5 million, 2.6 million and 1.6 million, respectively, were excluded from diluted loss per share because the effect would have been antidilutive. The following table represents all shares that were excluded from the calculation of diluted loss per share during the respective period but may be dilutive potential common shares in future periods. This includes potential common shares that were excluded because the effect was either antidilutive or the performance condition was not met.


(Shares in millions)
Years ended December 31,	2022	2021	2020

Performance awards		2.9	5.7
Performance-based restricted stock units	0.4	0.8	1.3
Restricted stock units	1.0	0.4	1.0
Stock options	0.8	0.3