EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2020

EARNINGS PER COMMON SHAREEarnings 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 June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	450.4		491.1		455.8		504.5
Effect of dilutive potential common shares:
Employee share awards (1)	—		0.8		1.4		—
Weighted-average common shares outstanding — diluted (2) (3)	450.4		491.9		457.1		504.5

Net income (loss):
Net income (loss)	(3,942)		430		1,505		$	(279)
Less: Net income (loss) attributable to the noncontrolling interest	86		67		123		133
Net income (loss) attributable to Holdings	(4,028)		363		1,382		(412)
Less: Preferred stock dividends	10		—		23		—
Net income (loss) available to Holdings’ common shareholders	(4,038)		363		1,359		(412)

Earnings per common share:
Basic	$	(8.96)	$	0.74	$	2.98	$	(0.82)
Diluted	$	(8.96)	$	0.74	$	2.97	$	(0.82)

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(1)Calculated using the treasury stock method.

(2)Due to net loss for the three months ended June 30, 2020 and six months ended June 30, 2019, approximately 1.0 million and 0.6 million more shares, respectively, were excluded from the diluted earnings per common share calculation than would have been excluded as being anti-dilutive under the treasury stock method.

(3)Weighted-average common shares outstanding - diluted may not foot precisely due to rounding.

For the three and six months ended June 30, 2020 and 2019, 8.3 million, 8.0 million, 4.2 million and 6.1 million of outstanding stock awards, respectively, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.