EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Earnings Per Share, Basic and Diluted

The 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.