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Earnings (Loss) per Common Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) per Common Share

Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows.

 

 

 

Years Ended December 31,

 

(In millions, except per share data)

 

2022

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

645

 

 

$

717

 

 

$

412

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares used to compute basic EPS

 

 

142

 

 

 

170

 

 

 

193

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Dilutive effect of stock options, restricted stock, restricted
   stock units, performance stock units and Employee
   Stock Purchase Plan (“ESPP”)(1)

 

 

2

 

 

 

2

 

 

 

2

 

Dilutive potential common shares(2)

 

 

2

 

 

 

2

 

 

 

2

 

Weighted average shares used to compute diluted EPS

 

 

144

 

 

 

172

 

 

 

195

 

Basic earnings per common share

 

$

4.54

 

 

$

4.23

 

 

$

2.14

 

Diluted earnings per common share

 

$

4.49

 

 

$

4.18

 

 

$

2.12

 

 

(1)
Includes the potential dilutive effect of additional common shares that are issuable upon exercise of outstanding stock options, restricted stock, restricted stock units, performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method.
(2)
For the years ended December 31, 2022, 2021 and 2020, stock options covering approximately 0 million, 0 million and 2 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.