EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2022

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 March 31,
		2022		2021
		(in millions)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic		388.6		434.2
Effect of dilutive potential common shares:
Employee share awards (1)		3.1		—
Weighted-average common shares outstanding — diluted (2)		391.7		434.2

Net income (loss):
Net income (loss)		$	639	$	(1,400)
Less: Net income (loss) attributable to the noncontrolling interest		66		88
Net income (loss) attributable to Holdings		573		(1,488)
Less: Preferred stock dividends		14		13
Net income (loss) available to Holdings’ common shareholders		$	559	$	(1,501)

Earnings per common share:
Basic		$	1.44	$	(3.46)
Diluted		$	1.43	$	(3.46)

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(1)Calculated using the treasury stock method.

(2)Due to net loss for the three months ended March 31, 2021 approximately 4.3 million share awards, respectively, were excluded from the diluted EPS calculation.

For the three months ended March 31, 2022 and 2021, 3.3 million and 9.1 million of outstanding stock awards, respectively, were not included in the computation of diluted earnings per share because their effect was anti-dilutive.