EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2020

EARNINGS PER COMMON SHAREThe following table presents a reconciliation of Net income (loss) and Weighted-average common shares used in calculating basic and diluted Earnings per common share for the periods indicated:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic	447.5		490.4		453.0		499.8
Effect of dilutive potential common shares:
Employee share awards (1)	—		—		1.1		—
Weighted-average common shares outstanding — diluted (2) (3)	447.5		490.4		454.1		499.8

Net income (loss):
Net income (loss)	(705)		$	(306)	$	787	$	(617)
Less: Net income (loss) attributable to the noncontrolling interest	74		68		197		201
Net income (loss) attributable to Holdings	(779)		(374)		590		(818)
Less: Preferred stock dividends	11		—		34		—
Net income (loss) available to Holdings’ common shareholders	$	(790)	$	(374)	$	556	$	(818)

Earnings per common share:
Basic	$	(1.77)	$	(0.76)	$	1.23	$	(1.64)
Diluted	$	(1.77)	$	(0.76)	$	1.22	$	(1.64)

_____________

(1)Calculated using the treasury stock method.

(2)Due to net loss for the three months ended September 30, 2020 and three and nine months ended September 30, 2019 , approximately 1.5 million, 1.0 million and 0.8 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 nine months ended September 30, 2020 and 2019, 8.2 million, 8.4 million, 4.6 million and 6.2 million of outstanding stock awards, respectively, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.