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Earnings (Loss) per Common Share (Tables)
 12 Months Ended
Dec. 31, 2023
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)

 

2023

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

228

 

 

$

645

 

 

$

717

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares used to compute basic EPS

 

 

122

 

 

 

142

 

 

 

170

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

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

 

 

1

 

 

 

2

 

 

 

2

 

Dilutive potential common shares(2)

 

 

1

 

 

 

2

 

 

 

2

 

Weighted average shares used to compute
   diluted EPS

 

 

123

 

 

 

144

 

 

 

172

 

Basic earnings per common share

 

$

1.87

 

 

$

4.54

 

 

$

4.23

 

Diluted earnings per common share

 

$

1.85

 

 

$

4.49

 

 

$

4.18

 

 

(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, 2023, 2022 and 2021, there were 0 million shares outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive.