EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2020

Earnings per common share — basic is calculated by dividing Net income (loss) attributable to Holdings’ common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing the Net income (loss) available to Holdings’ common shareholders by the weighted-average number of common shares outstanding for the period plus the shares representing the dilutive effect of share-based awards. The following table presents the weighted-average shares outstanding and Earnings per common share — basic and diluted:



	Three Months Ended March 31,
	2020		2019
	(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	461.0		518.0
Effect of dilutive potential common shares:
Employee share awards (1)	2.5		—
Weighted-average common shares outstanding — diluted (2)	463.5		518.0

Net income (loss):
Net income (loss)	$	5,447	$	(709	)
Less: Net income (loss) attributable to the noncontrolling interest	37		66
Net income (loss) attributable to Holdings	5,410		(775		)
Less: Preferred stock dividends	13		—
Net income (loss) available to Holdings’ common shareholders	5,397		(775		)

Earnings per common share:
Basic	$	11.71	$	(1.50	)
Diluted	$	11.65	$	(1.50	)

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(1)	Calculated using the treasury stock method.


(2)	Due to net loss for the three months ended March 31, 2019, approximately 1 million more shares were excluded from the diluted earnings per common share calculation than would have been excluded as being anti-dilutive under the treasury stock method.

For the three months ended March 31, 2020 and 2019, 6.0 million and 5.3 million outstanding stock awards, respectively, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.