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Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Summary of the Basic and Diluted (Loss) Earnings Per Share

(Loss) earnings per share, including a reconciliation of the number of shares used for our (loss) earnings per share calculation, was as follows:

 

 

For the Three Months Ended
June 30,

 

 

For the Six Months Ended
June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings attributable to common shareholders

 

$

(139

)

 

$

73

 

 

$

(273

)

 

$

116

 

Less: dividend-equivalents declared for equity based awards

 

 

(1

)

 

 

(1

)

 

 

(2

)

 

 

(1

)

Net (loss) earnings available to common shareholders

 

$

(140

)

 

$

72

 

 

$

(275

)

 

$

115

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding - basic

 

 

178.5

 

 

 

177.7

 

 

 

178.4

 

 

 

177.7

 

Effect of dilutive securities

 

 

—

 

 

 

0.6

 

 

 

—

 

 

 

0.5

 

Weighted average number of shares outstanding - diluted

 

 

178.5

 

 

 

178.3

 

 

 

178.4

 

 

 

178.2

 

(Loss) earnings per share attributable to Pactiv Evergreen Inc. common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.78

)

 

$

0.41

 

 

$

(1.54

)

 

$

0.65

 

Diluted

 

$

(0.78

)

 

$

0.40

 

 

$

(1.54

)

 

$

0.65